At the business luncheon organized jointly by foreign chambers of commerce in Thailand in Bangkok on 23rd February 2018, Ms. Duangjai Asawachintachit, the Secretary General of the BOI, talked about the total value of the BOI promoted investments in 2017 (around THB642 billion) and the Amendment (No. 4) to the Investment Promotion Act B.E. 2560. She said that the amended law offers more tax privileges and more non-tax incentives to investors. Tax exemption and reduction are now for 8 to 13 years. The amended law gives more incentives to industries which create human capital and R&D businesses.
She also emphasized that the BOI categorizes businesses into 5 industrial sectors covering 10 targeted industries under the Thailand 4.0 policy and the Eastern Economic Corridor (EEC) program. The BOI incentives offered under the EEC program are grouped into 3 levels per geographical areas in which the businesses operate. The Eastern Aviation area, the Eastern Economic Corridor of Innovation (EECi) area and the Eastern Economic Corridor of Digital (EECd) area are given more privileges than such other areas as the industrial estates for specific targeted industries and other industrial estates and industrial parks owned by the private sector. The BOI incentives offered under the EEC program are also subject to the terms and conditions under the BOI law. The BOI applications must be filed before the end of 2019. Cooperation with academic institutions in Thailand is also encouraged.
In relation to the Single Window Program and the Smart Visa Program, she confirmed that they have been launched but have not yet been fully implemented.
- Associate | bangkok
Unit 1401, 14th Floor, Abdulrahim Place 990 Rama IV Road, Bangkok 10500, Thailand
Tel: +662 636 0662
Fax: +662 636 0663
Room 517 Yangon International Hotel No. 330 Corner of Ahlone and Pyay Roads Dagon Township, Yangon, Myanmar
Tel: +95 (0)92 6111 7006
and +95 (0)92 6098 9752
The information provided in this article is general in nature and may not apply to any specific situation. Specific advice should be sought before taking any action based on the information provided. Under no circumstances shall LawPlus Ltd. or any of its directors, partners and lawyers be liable for any direct or indirect, incidental or consequential loss or damage that results from the use of or the reliance upon the information contained in this article. Copyright © 2016 LawPlus Ltd.