- September 11, 2019
- Posted by: admin
- Category: Daily News
- The cabinet on 10 Sep 19 greenlighted fresh perks to woo foreign investors looking to relocate their production base amid the Sino-US trade war.
- The package covers tax incentives, special investment zones for individual countries and future amendments to the Foreign Business Act to ease foreign investment.
- Kobsak Pootrakool, deputy secretary-general for political affairs to Prime Minister Prayut Chan-o-cha, said the package also offers incentives to support human resource development in advanced technology, with non-promoted projects of the Board of Investment (BoI) made eligible for tax privileges.
- Operators who invest in automation systems to upgrade their production are also allowed a deduction of 200%, up from 150%, from corporate income tax during 2019-20.
- Mr Kobsak said the cabinet on 10 Sep 19 approved allocating THB10bn from the Competitiveness Fund to support establishing an academy for advanced technology in Thailand.
- According to Mr Kobsak, the new package will enable Thailand to compete with other countries in Asia for foreign investment, especially to attract advanced tech firms that want to move production to Thailand.