Yes, of course, especially when the Thai government is doing everything to increase funding for future growth in the science and technology sector. While moving towards its 4th industrial revolution, Thailand is in its way to make itself as an innovation-driven economy. In here, the Eastern Economic Corridor of Innovation (EECi) is one of the major elements. This is expected to support the economic plan through testing centers, technology demonstrations, and pilot plants via an integrative platform so as to link the innovators and the users.
The Science Park tenants are likely to receive privileges from the Thai government through different agencies who are aiming to support the Research and Development activities. Board of Investment promoted projects in the Science and Technology Park include exemption on machinery and equipment imported for R&D process plus a corporate income tax exemption up to 13 years along with an additional 50% reduction for 5 years. Similarly, work permit and visa facilities for foreign specialists will also be provided.
On the other hand, Revenue Department incentives cover the depreciation allowances for the machinery used and a 300% CIT deduction for technology and innovation research.
To be able to promote by BOI, your project:
- Must have an incubation center;
- Must have a continuous electricity backup system;
- Must have a modern system for domestic and international communication and telecommunication;
- Must have other facilities that are approved by the Board;
- For scientific laboratories:
- Projects situated in the Science and Technology Park is expected to receive 50% reduction of corporate income tax (CIT) for five years;
- For engineering design:
- Project promoted by the BOI or one that is approved by the Board will receive an additional 50% reduction of CIT for 5 years after the end of its corporate income tax exemption period;
- Must have expense for salary of engineering personnel of at least 1,500,000 baht per year;
