In a bid to encourage the building of a knowledge-based economy, Thailand’s investment promotion board announced earlier this week that will offer tax breaks for projects which develop technology and innovate in certain industries, including information technology.
The main advantage for firms qualifying for the government’s scheme will be an additional one year’s corporate tax holiday which will not be subjected to a cap on benefits, with the total available corporate income tax holiday not exceeding eight years.
The government is also to extend other incentives including duty-free imports of machinery to projects that directly support the development of skills and technology in eight areas. These are listed as: electronic design; research and development; manufacture of scientific instruments and medical instruments; science laboratories; calibration services; science parks; and human resources.
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