On 16 June 2017, Thailand’s Board of Investment (BOI) announced a raft of new policies and plans for BOI promotion.
This is in support of the “Thailand 4.0” policy[note]Thailand 4.0 is an economic model that aims to unlock the country from several economic challenges resulting from past economic development models which place emphasis on agriculture (Thailand 1.0), light industry (Thailand 2.0), and advanced industry (Thailand 3.0) Source.[/note].
Among the eligible industries added to the incentive list is digital infrastructure. The BOI wants to boost investment in Thailand’s digital infrastructure network. To achieve this, they want to encourage such endeavors as increased offshore cable projects and fiber optic cable networks, so that the Thai people will have better access to the internet, mobile, and electronic services.Special Economic Zones (SEZs) also received attention, with an extended deadline for promotion applications and with six added activities [note]a. Animal feed and feed ingredients
b. Manufacture of construction materials and pre-stressed concrete for public utilities
c. Production of body care products
d. Production of plastic products for consumer goods
e. Production of fiber products
f. Office and building development for industrial use/warehouses[/note], including body care products and industrial warehouse and office development.
The BOI also approved new tax incentives for businesses that use advanced technology, that develop or design products, or that operate industrial estates or parks.
If you’d like to find out if your business is eligible for these promotions or to learn more about obtaining BOI promotion status, please contact GPS Legal & Consulting.