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The Thai Board of Investment (BOI) has introduced its new policy for incentives for qualified investment projects.
Under the new policy, following tax and non-tax incentives may be granted to successful applicants:
- Exemption of corporate income tax for up to 15 years
- Exemption of import duties:
- on machinery
- raw or essential materials imported for use in production for export
- goods for R&D
- Matching grants for:
- Human Resources Development
- For targeted industries:
- Permission to own land for BOI promoted projects
- Right to state’s land lease for 50 years and, upon approval, renewal for a further 49 years.
- 15% personal income tax rate, the lowest rate in ASEAN, for foreign executives working for regional headquarters or international trading companies, treasury centres, along with regional R&D centres.
- One stop service center to facilitate foreign investors (Providing useful information, and issuing permits for trading, export and import – all in one location)
- Up to five year work visa issuance
These major changes are intended to show strong determination of the royal Thai government in reinforcing the existing foundation and create sustainable business growth with the best mutual benefits for investors, Thailand and all Thai people.