BANGKOK(NNT) – The Board of Investment of Thailand (BOI) has approved measures to promote investment in the Eastern Economic Corridor (EEC) by expanding the number of target industries and increasing corporate income tax benefits.
A meeting of the BOI, chaired by Prime Minister and Defense Minister, Gen. Prayut Chan-o-cha, approved the measures to attract more investors to the EEC.
The first measure is to expand target industries and businesses in the EEC, such as industries in the advanced technological development and supporting industries.
The second measure is to increase corporate income tax benefits, which cover human resource development and location. Companies in the A1, A2 and A3 business categories will be entitled to a 50% reduction in corporate income tax for three more years, while technological industries and businesses will enjoy corporate income tax exemption for two additional years.
Companies located in the EEC’s Innovation Zone, Industrial Promotional Zone, Digital Innovation Zone, Eastern Aviation City and the EECmd in Thammasat University, Pattaya Campus, will receive a 50% reduction in corporate income tax for two more more years.
Targeted sectors in technological development located in the EEC will enjoy corporate income tax exemptions for another year.
The measures will be in effect from January 2, 2020, to December 2021. Applicants can sign up for the new privileges, with no deadline set for registration.
The BOI meeting also approved measures to support small and medium-sized enterprises (SMEs). The meeting agreed that both the government and the private sector have to adjust their investment promotion measures to cover all aspects of the agricultural sector and the tourism industry. The measures are to be extended until February next year.