Thailand to encourage medical investments

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:

  1. 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.
  2. Additional e-submission service introduced since 30 March 2020
  3. BOI’s head office & OSOS office remain open during office hours
  4. Investors can now meet with the BOI online
  5. 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
  6. Import duty exemptions on machinery used to modify existing production lines to manufacture medical devices or parts
  7. Increase benefits granted for producers of raw materials used in manufacture of medical supplies
  8. 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.

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