On 13 February 2017, Mrs. Hirunya Suchinai, Secretary-general of The Board of Investment (BOI) said that His Majesty King Maha Vajiralongkorn Bodindradebayavarangkun proclaimed the adoption of the National Competitive Enhancement Act for Targeted Industries B.E. 2560 (2017), in the Government Gazette. The Act shall take effect on 14 February 2017.
The above act aims to enhance the competitiveness of industries “in line with Thailand’s capabilities” to attract investment-led growth in the target industries. The target industries are those that will be most beneficial to the economy and the society and bring sustainable competitiveness of Thailand. The industries must be new to the country or use new technology or advanced production that will bring in development and promotion of innovation.”
Incentives for promoted projects under the Act are divided into three main categories.
1. Exemption from corporate income tax for up to 15 years.
2. Subsidies provided by the Fund for Enhancement of Competitiveness for Targeted Industries, newly created by the Act, in the amount of 10 billion Baht for investment projects involving research and development or innovation or improvement of technical personnel for the target industries. The Fund will establish the rules and details for subsidies to ensure the projects are worth investing in the interest of the Thai industries and Thailand.
3. Other benefits under the Investment Promotion Act excluding reduction or exemption from corporate income tax such as exemption or reduction of import duties on machinery and essential or raw materials; provision of visas and permits that will allow foreign experts and craftsmen to work in Thailand.
The procedure and time periods for implementation of this law will be simplified for convenience of investors.
Source: http://www.matichon.co.th (Matichon), 14 February 2017.