800_7bf77e3009f5e13

Thailand: Number of firms seeking BoI benefits for improving production processes jumps 23% this year

  • Nov 30, 2020
The number of companies seeking tax incentives offered by the Board of Investment (BoI) for improving their production efficiency rose 23 per cent to 138 applications in the first nine months of this year, BoI deputy secretary-general Narit Therdsteerasukdi said.

The companies’ investment in boosting their production efficiency has jumped 18 per cent to Bt15.19 billion. The changes range from the adoption of renewable energy to the use of new machinery and automated processes.

This shows that investors have placed importance in boosting their production capacity to enhance their competitive edge, he added.

The total number of projects applying for BoI tax privileges in the same period edged up 1 per cent year-on-year to 1,098. While the total value of projects applying for tax benefits dropped 15 per cent to Bt223.7 billion, Narit still considers the number high.

From the time when the US-China trade war began in 2018 up until September this year, there have been 190 foreign projects worth a total of Bt100 billion applying to relocate to Thailand.

Most of these projects are in the industries of auto parts, car tyres, electric and electronic home appliances, furniture and luggage.

Source: https://www.nationthailand.com/business/30398703?utm_source=category&utm_medium=internal_referral