The Board of Investment (BOI) in Thailand continues to implement new measures to soften the blow for investors and to encourage investments to increase manufacturing of medical supplies.
Here is a list of measures recently introduced by the BOI:
- The deadline for applying for corporate income tax exemption privileges has been extended to 31 July 2020, or anytime 30 days before the corporate income tax filing date.
- Additional e-submission service introduced since 30 March 2020
- BOI’s head office & OSOS office remain open during office hours
- Investors can now meet with the BOI online
- A 50% reduction in corporate income tax will be given to eligible investments in the medical sector for 3 years, in addition to the 3 to 8 year tax holidays
- Import duty exemptions on machinery used to modify existing production lines to manufacture medical devices or parts
- Increase benefits granted for producers of raw materials used in manufacture of medical supplies
- The BOI has also widened the definition of eligible activities for duty-free importation used in research and development
Existing BOI investors in Thailand and interested new investors should reach out to the BOI for a better understanding whether their activities qualify for any of the Covid-19 impact softening benefits.