In order to facilitate improvement in the ease of doing business countries like Thailand have introduced tax breaks in the form of a stimulus package termed ‘Thailand Plus’.
Highlights of the Plus Package
It covers 7 major points including new tax incentives and deductions. As you may know, Thailand already offers corporate income tax exemptions through the Economic Corridor, Thailand Plus is to allow companies to avail further reductions if they invest one billion Baht.
Similarly, the government is all set for amending the primary law regulating activities for foreign businesses so as to simplify the procedure of obtaining visas and work permits in order to improve the sharing of information between the government and state agencies.
Besides, Thailand will extend its FTA network under this package, while reviving the Thailand-EU FTA plus getting into the Comprehensive and Progressive Agreement for CPTPP (Trans-Pacific Partnership). To top that, special investment zones for South Korean, Japanese, the US, and Chinese companies will be further developed.
If you are a foreign investor having a foothold in one of these countries, particularly in industries like automotive, maintenance, overhaul service, electronics, and others, can benefit from this package.
Who can Avail This Package?
Investors who are engaged in automation systems developed advanced technology, or hire high-skilled professionals in the fields of STEM (Science, Technology, Engineering, and Mathematics) can get up to 200% tax deductions.
