Thailand: Value of BoI tax perk submissions   jumps 80%

  • The value of investment projects submitted under the Board of Investment (BoI) tax incentive programmes skyrocketed by 80% year-on-year to THB123bn in 1Q21, driven mainly by the pandemic and subsequent measures to curb the spread of the virus, including a work-from-home guideline.
  • From Jan-Mar 21, the BoI saw the number of applications for new investment projects increase 14% year-on-year to 401. Medical devices, home appliances and electronic equipment were the most attractive categories to investors.
  • Total investment value stood at THB68.50bn, with 351 investment applications in 1Q20, according to the BoI.
  • Besides the pandemic factor, investors’ interest in S-curve industries as well as the relocation of investment projects from China to Asean also contributed to the investment growth in Thailand, said Ms Duangjai.
  • BoI also saw foreign direct investment value soar by 143% year-on-year to THB61.97bn from 191 projects.
  • Total investment value in the Eastern Economic Corridor (EEC) rose by 39% year-on-year to THB64.4bn, with Rayong coming first with THB29.43bn, followed by Chon Buri with THB24.97bn and Chachoengsao with THB10.01bn, she said.
  • Investors also submitted 39 project proposals, worth THB8.4bn, under BoI’s production efficiency improvement scheme in 1Q21. The value increased by six times year-on-year.
  • Of the total, up to 21 projects worth THB5.63bn involve energy conservation and alternative energy utilisation, aimed to minimise environmental impacts.
  • Some 16 projects valued at THB2.47bn are machinery upgrades and replacement. Another two worth THB300mn are related to research and development and engineering.

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