The Thailand Board of Investment on October 11 approved new tax incentives to encourage companies to invest in productivity enhancement and automation to speed up its “Industry 4.0” initiative.
The incentives include a three-year corporate income tax exemption covering 100% of investments in Industry 4.0 updates. The new incentive measure supplements the existing measures to support the adoption of automation systems and digital technology.
Companies will have to submit their investment plans to apply for the benefits. Applications will be accepted until the end of 2022. If approved, companies will have to implement their upgrade plans within three years.
The Board of Investment also extended until the end of 2022 existing special investment promotion incentives for small and medium-sized enterprises.
The Thai Board of Investment is a government agency under the Office of the Prime Minister that is tasked with promoting cross-border investment, including both foreign investment into the country and Thai investments abroad.
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