Thailand launches New Investment Incentives on Biotechnology, Nanotechnology, Advanced Materials Technology and Digital Technology
Mrs. Hirunya Suchinai, Secretary General of the Board of Investment (BOI), revealed after the board meeting chaired by Prime Minister Gen. Prayut Chan-o-cha that in order to boost Thailand 4.0 and promote investment in 10 targeted industries, the board has approved the technology-based incentives to enhance the country’s technological competitiveness, details as follows:
1. Core technologies promotion measure: special package of incentives will be granted to projects focusing on developing the country’s targeted technology. Projects that obtain this package of incentive is required to have technology collaboration with educational or research institutes. The technology-based investment includes:
1.1) Investment on targeted core technologies which include Biotechnology, Nanotechnology, Advanced Materials technology and Digital technology
1.2) Investment on enabling services which include those high-value added services that support targeted technology development, namely research and development (R&D), vocational training institute (science and technology sectors), electronic design, engineering design service, science laboratory service, and
These 2 groups will be eligible for a 10-year corporate income tax (CIT) exemption and additional incentives for 1-3 years, altogether with no more than 13 years.
2. An exemption on duty of materials, such as prototype, plant or animal, used for research and development. 3. An adjustment of merit-based incentives: projects investing on technology and workforce development will be eligible to include the investment value for CIT exemption from up to 100% to 200%, while projects investing on research and development are eligible to a maximum of 300%
Moreover, the board also agreed to help BOI’s promoted projects affected by flooding in Southern area with a duty exemption on machinery imported to replace the damaged ones. The application form must be submitted by 29 December 2017.
Source: Thailand's Board of Investment (BOI)
Illustration Photo: USAID and INTEL Tech Innovation Workshop September 24, 2015, Bangkok, Thailand (credits: USAID Asia / Flickr CC BY-NC 2.0)
Smart International Consulting provides supporting services to help you manage successfully your investment project in Thailand from the beginning until the complete achievement.