Tag Archive: economy

  1. BOI Investment Incentives for Digital Economy

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    In order to prepare itself for the new digital economy and maintain the rapid level of startups growth, particularly in Fintech, Food Tech and e-commerce, the Thai government has developed a large scale program. This aims to produce a digital economy framework around four areas of development: digital commerce, digital entrepreneur, digital innovation, and digital content.

    Thailand Board of Investment (BOI) offers a wide range of tax and non-tax incentives for projects that meet these national development objectives. Non-tax incentives include permission to bring in expatriates, own land and take or remit foreign currency abroad. Tax-based incentives include exemption of import duties on machinery and raw materials used in manufacturing export products, and corporate income tax exemption of up to eight years. As part of its efforts to help develop the Digital Economy, the Board of Investment (BOI) offers attractive investment promotion incentives to a range of activities involved in activities related to the Digital Economy that are classified as activities of special importance and benefit to the country. A range of projects are granted corporate income tax exemptions, while other projects receive exemptions on import duty.

    For further information, please feel free to contact us: [email protected]

  2. “Thailand 4.0” – A New Era for Thailand’s Economy

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    Before Thailand jumped into the 4.0 era, there was Thailand 1.0 which was based on the agriculture sector, Thailand 2.0 focused on light industry and then came the heavy industry of Thailand 3.0 which caught the nation in a medium income trap, with growing income inequality and imbalanced development. Now, the government is planning a 20-year National Strategic Plan to strengthen the local economy through “Sufficiency Economy” and to connect better with world markets.

    The government intends to transform three main areas:

    1. From producing “consumer goods” to creating “innovative” value-added products
    2. From an emphasis on physical capital to shift the focus on human capital, technology, innovation, and creativity
    3. From a production based to service-based economy

    Under the “Thailand 4.0” model, the nation’s economy will be innovation driven by upgrading technology, improving creativity, innovation, and research and development capacity of five target industries to create “New Startups” as demonstrated in the table below:

    Thailand 4.0

     

     

     

     

     

     

     

    The Thai government’s vision represents a starting point to transform the country towards stability, prosperity, and sustainability, which aims to drive Thailand to a more prosperous future.

    Feel free to contact us if you have any questions: [email protected]

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