Thailand’s Board of Investment (BoI) has approved incentives to support local vaccine development, allowing companies that still enjoy tax holidays to apply for additional tax incentives, if they provide financial support to vaccine/medicine R&D projects run by public educational institutions and research institutes or government agencies.
BoI secretary-general Duangjai Asawachintachit said, if this support is worth at least 1% of total sales in the first three years, or at least 200 million baht, they will receive an additional 1-3 years of corporate income tax exemption and an increase in their corporate income tax exemption ceiling, equal to the amount of their contribution. If the contribution does not reach this threshold, companies can still receive an addition to their corporate income tax exemption ceiling, but not additional years of tax holidays.
She added that the board also approved a series of promotions to encourage investments that will reduce the impact on the environment, support sustainable development and participate in the development of the bio, circular and green economy. The measures include three-year tax holidays for investments in machinery upgrades aimed at reducing greenhouse gas emissions.
Meanwhile, the BoI agreed to improve the investment promotion policy for the production of all types of electric vehicles (EVs), to help jump-start the sector, which is one of the government’s target industries. The investment promotion extends to the production of battery electric vehicle platforms, which consist of an energy storage system, charging module and front and rear axle module. (NNT)
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