The Investment Promotion Act (1977) has been amended by Thailand’s newly announced Investment Promotion Act (2017), effective from 25 January 2017. The rationale behind the amendment is to keep the act up to date with economic, technological and investment trends.
Subject to more specific announcements from the Board of Investment (BOI), the new Investment Promotion Act has broadened the scope of exemption of import duties. The former Investment Promotion Act granted exemption of import duties only for materials used for manufacture for re-exportation, which has now been revised to include materials imported for used domestically in R&D activities and related testing.
The BOI may also now grant corporate income tax (CIT) exemption for a period of up to 13 years for certain R&D and advanced technology and innovation activities. Previously, the maximum period of CIT exemption provided by the BOI for various activities was limited to eight years.
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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by emailing: Danian Zhang at danian.zhang@bakermckenzie.com, or for general enquiries contact Anand Ramaswamy at anand.ramaswamy@bakermckenzie.com
