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BoI offers new tax breaks to boost investors’ confidence

The Minister of Industry, together with BOI and public sector, meet with the Joint Foreign Chambers of Commerce in Thailand (JFFCT) to discuss cooperation with an aim to boost investors’ confidence and investment environment.

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According to the Board of Investment of Thailand (BOI), the value of investment incentive applications submitted to the Thailand Board of Investment from January to February 2012 soared by 133 percent year-on-year, indicating strong investment trend in the country.

The Minister of Industry, together with BOI and public sector, meet with the Joint Foreign Chambers of Commerce in Thailand (JFFCT) to discuss cooperation with an aim to boost investors’ confidence and investment environment.

M.R. Pongsavas Svasti, Industry Minister, said that the meeting with JFCCT, held by the BOI, was an attempt for the government to express its commitment to supporting foreign investors and enhancing investment climate. The meeting opened the opportunity for the foreign chambers of commerce to express their opinions, concerns and advices. At the same time, the government would answer investor’s concerns.

The participating government agencies are BOI, Department of Employment, Department of Skill Development, Department of Labour Protection and Welfare, The Revenue Department, Immigration Bureau, and The Customs Department.

The JFFCT concerned with keeping Foreign Investments attractive

JFFCT asked the government its support on skill development, promotion of technical skill workforce and improvement of logistics system, to encourage a growth in future investments. The government’s positive reaction gave the JFFCT satisfaction and opened the debate on the measures needed to keep foreign investor’s trust.

“The joint meeting helps enhance Thailand’s conducive investment environment and confirms Thailand’s capability and readiness as an attractive investment destination. The suggestions from foreign investors will help Thai government address investors’ concerns and needs better,”

said Mr Pongsavas Svati, Industry Minister, expressing the government’s commitment and support.

The concerns of the JFCCT addressed were the necessity for better investment environment, and possible measures of improvement towards a “modern, simplified Thailand” were indeed demanded. Labor shortage, skill development as well as vocational workforce enhancement and logistics system improvement in the Eastern Seaboard for future industrial growth were the main concerns expressed.

Projects subject to a tax-exemption limit will be entitled to a new period of eight-year exemption

If the projects continue to invest in the same province that was affected by the flood, then tax will be waived at a rate of 150% of the new investment plus the effective value of the tax exemption they are already eligible for.

For example, if a company within its eight-year window of corporate tax exemption invests 100 million baht to reinvest in the same province, then it can claim 150 million baht off its tax liability for the rest of its promotion period.

Tax exemption for those relocating plants to other provinces will be 100% of investment plus the effective value of the tax exemption.

Factories without a tax exemption limit will be offered an extra period of corporate income tax exemption.

Mrs. Atchaka Sibunruang, Secretary General of the BOI, added that the BOI would bring concerns and issues raised at the meeting for consideration and future improvement or pass them to concerned government agencies. Key concerns raised by the JFCCT are, for example, labor shortage, skill development, vocational workforce enhancement, logistics system improvement in the Eastern Seaboard for the future industrial growth.

The BOI also took this opportunity to update investors on various promotional measures, including the improvement of conditions and incentives for certain sectors to better suit their needs and the changing economic situation.

The FDI in January 2012 expanded in comparison to the same period last year

There are already 80 foreign investment applications, worth 25 billion baht in total investment value. This represents 19.4 per cent increase from 67 projects in January last year. Investment value increased 63.58 per cent, compared to last year’s 15.3 billion baht.

Metal products, machinery and transport equipment attract the highest interest from investors, followed by the electronics and electrical appliances business, chemical products, paper and plastic, and finally the service and public sector.

To this day, Japan, the US, Switzerland and Singapore remain the top investors in Thailand.

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