The Thailand Board of Investment (BOI) has approved incentives to encourage investment in organizing world-class events in Thailand, such as large international concerts, sporting activities, and festivals.
Speaking on 28 March 2024, BOI Secretary General Narit Therdsteerasukdi referred to the incentives, which were approved by the BOI meeting to support the Government’s vision to strengthen Thailand as a tourism hub and allow the country’s tourism and entertainment sectors to fully recover from the COVID-19 crisis.
Organizers of large international events eligible for the incentives require an investment, or expenses, of not less than 100 million baht (USD 2.8 million). They will be granted an import duty exemption on equipment used for the organizing of the events. The operations of their staff will be facilitated, such as issues concerning entry visas and work permits.
Applicants will need to prove their ownership of the rights to organize the event or project they are applying to promote. This measure does not cover the organizing of conferences and trade shows.
The BOI Secretary General said, “By unlocking the tax and regulatory issues, the BOI will facilitate the organization of world-class events, as that will significantly reduce the costs, lead time, and obstacles for organizers.”
He said, “In doing so, we are playing our part in helping the next stage of development of the tourism sector, which is an important economic driver for Thailand, accounting for around 20 percent of GDP, and reaffirming the BOI’s mission to consistently emphasize the ease of doing business.” (PRD)
