On 21 December 2020, Thailand's Board of Investment ("BOI") approved a series of investment acceleration measures to stimulate Thailand's economy and encourage businesses to adopt digital technologies in 2021. A large-scale project in certain industries (business activities in groups A1, A2, and A3), with a realised investment of at least THB 1 billion within 12 months from the date on which the BOI promotion certificate is issued, would be entitled to an additional 50% corporate income tax ("CIT") deduction for a period of five years. Eligible applicants may apply for this investment promotion scheme before 30 December 2021.
In relation to investment in the Special Economic Zones ("SEZ") in ten provinces of Thailand, BOI has extended the application period for the special incentive scheme for the SEZ to the last working day of 2022. In addition, BOI is offering an 8-year CIT exemption and an additional 50% CIT deduction for another five years for 14 target industries, which include medical equipment, manufacturing, logistics, and electrical appliances and electronics.
Similarly, BOI has also extended the application period for the special incentive scheme for Thailand's five southernmost provinces until the last working day of 2022. The measures include a low minimum investment requirement of THB 500,000, an 8-year CIT exemption, and an additional 50% CIT deduction for another five years.
