Thailand Waives Corporate Tax in Targeted Industries
The new law aims to increase the country’s competitiveness among industries
Thailand introduced a new law that is aimed to increase its competitiveness in targeted industries by “waiving corporate income taxes for up to 15 years and subsidizing investment expenses for research and development and innovation.”
According to The Nation, His Majesty King Maha Vajiralongkorn announced the National Competitive Enhancement Act for Targeted Industries, BE 2560 (2017) on Monday in the Royal Gazette.
The act will increase incentives to attract investors to Thailand and also make Thailand more competitive with other countries.
For the act to apply, the industries need to be new to Thailand or use new technology or advanced production. The aim is to promote and develop innovation in the country.
The act will waive qualifying firms’ corporate income tax for no more than 15 years and provide a ฿10 billion subsidy for investment in R&D and innovation.
The report also states that other privileges include exemption of import duties for imported machinery and visas and work permits for foreign experts and craftsmen to work in Thailand but exclude tax waivers and deductibles.
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