Thailand to offer 13-year tax holiday to select hi-tech sectors

Amiti Sen Bangkok | Updated on January 13, 2018

Thailand has said that India can be a “great partner” for the future in the country’s new strategy to drive growth through innovation with focus on hi-tech sectors.

“I see India as a great partner for the future. We really want to work with the Indian government," Thai Deputy Prime Minister Somkid Jatusripitak said answering a question on the role India could play in the Thailand 4.0 initiative.

Under the initiative, Thailand hopes to move from a manufacturing focussed economy to a knowledge-driven one and is implementing a plan to attract foreign investments in identified sectors.

“We would like to work with India in certain areas like hi-tech,” Jatusripitak said.

Thailand has recently revised its Investment Promotion Act and the Competitiveness Enhancement Act to allow the Board of Investment (BOI) to provide new incentives to investors.

The country plans to soon increase tax holiday period for both domestic and foreign investors in hi-tech sectors like bio-technology from up to eight years to up to 13 years, according to Ajarin Pattanapachai, Deputy Secretary General, BOI.

Thai Prime Minister Prayut Chan-o-cha, in his keynote address at the Opportunity Thailand seminar said his country would also have easier regulations for professionals from other countries to come and impart their skills to the local population.

The 10 focus industries under the Thailand 4.0 initiative inlcude aerospace, automation and robotics, biofuels and biochemical, medical hub and digital.

(The author’s trip to Bangkok was sponsored by the Thailand Board of Investment)

Published on February 15, 2017

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