Investment promotion privileges for new announcement activities

         The Board of Investment (BOI) has formulated investment promotion measures to restructure the Thai economy toward a new form of economy, aiming to be an economy driven by technology, innovation, and creativity, as well as increasing competitiveness, adaptability, and high growth, while considering environmental and social sustainability, as well as creating opportunities and reducing inequality. This applies to promotion applications submitted after 3 January 2023.

         The BOI has therefore established criteria and a list of activities eligible for investment promotion by revising the industry sector from the original seven industries to 10 new industries:

Section 1. Agriculture, Food, and Biotechnology Industries;

Section 2. Medical Industry;

Section 3. Machinery and Automotive Industries;

Section 4. Electrical and Electronic Industries;

Section 5. Metal and Material Industries;

Section 6. Chemical and Petrochemical Industries;

Section 7. Utilities;

Section 8. Digital Industries;

Section 9. Creative Industries.

Section 10. High-Value Services.

         The Board of Investment has established the following rights and benefits based on the priority of the type of business, as specified in the Board of Investment Announcement on Measures to Promote Investment in Industries Important to National Development:

Group A includes the following business groups that will receive corporate income tax breaks, machinery, raw materials, and non-tax breaks:

  Group A1+

- Receive a corporate income tax exemption for a period of 10 to 13 years, without specifying a limit on the corporate income tax exemption;

         - Exemption from import duty on machinery;

         - Import duty on raw materials or essential materials for export production is waived for one year. As needed and appropriate, the Board will consider extending the period;

         - Non-tax rights and benefits.

  Group A1

        - Corporate income tax exemption for 8 years without specifying the amount of corporate income tax exemption;

        - Exemption from import duty on machinery;

        - Import duty on raw materials or essential materials for export production is waived for one year. As needed and appropriate, the Board will consider extending the period;

        - Non-tax rights and benefits.

  Group A2

        - Corporate income tax exemption for 8 years, accounting for 100% of investment (excluding cost of land and working capital);

        - Exemption from import duty on machinery;

        - Import duty on raw materials or essential materials for export production is waived for one year. As needed and appropriate, the Board will consider extending the period;

        - Non-tax rights and benefits.

  Group A3

- Corporate income tax exemption for 5 years in the proportion of 100% of investment (excluding cost of land and working capital); 

- Exemption from import duty on machinery;  

 - Import duty on raw materials or essential materials for export production is waived for a year. The Board will consider extending the period if necessary and appropriate;  - Non-tax rights and benefits.

  Group A4

- Exemption from corporate income tax for three years in proportion to 100% of investment (excluding cost of land and working capital); 

- Exemption from import duty on machinery;

- Import duty on raw materials or essential materials for export production is waived for one year. As needed and appropriate, the Board will consider extending the period;

- Non-tax rights and benefits.

Group B is a type of business that encourages investment in supporting industries that employ low-tech methods but are critical to the value chain. This group will receive the following new benefits:

     - Exemption from import duty on machinery;

     - Import duty exemption on raw materials or essential materials for export production for a period of one year. However, if necessary and appropriate, the Board will consider extending the period;

     - Non-tax rights and benefits.

These terms apply except where the rights and benefits are specifically specified in the Board’s list of activities eligible for investment promotion.