If you are looking to invest in Thailand’s digital business ecosystem, this could be an appropriate time for you. Thailand Board of Investment recently approved a series of measures to fast-track investments to boost businesses to adapt and adopt digital technologies.
The package is specially designed to promote large-scale projects post lockdown period. And far as digital technology adoption is concerned, they usually complement the productivity improvement measures. The government has been implementing measures to promote increased efficiency and productivity while ensuring companies can seize the business opportunities that are rising from the economic recovery.
- The measures include an additional 50% corporate income tax deduction, on top of the usual 5-8 years deduction, for a period of 5 years within twelve months from receiving promotion certificate to investments of a minimum 1 billion baht. However, the qualified projects must be submitted from January 4, 2021, to the end of 2021.
- Investment under digital adoption programs such as artificial intelligence (AI), big data or machine learning or software integration will be granted 50% corporate tax extension for three years.
- For investment promotion in the 10 Special Economic Zones in the borders areas, the government body has extended the application period to 2022 end.
- An extension by 2 years of the application period for the projects in particularly dedicated districts of the 5 southernmost provinces. These special regions are granted a special tax incentive package including 8-year holiday followed by 5 years of 50% decrease.
Similarly, the BOI has granted a project, namely Genomics Thailand at Burapha University (Eastern Economic Corridor) same status as EECa, EECmd, EECi, and EECd. For your information, all of which are dedicated to particular industries and they will be entitled to some additional tax incentives.
