According to the Board of Investment (BOI) meeting, the BOI has revealed the investment promotion measures in 2022
According to the Board of Investment (BOI) meeting, the BOI has revealed the investment promotion measures in 2022 and approved the extension of investment stimulation and promotion measures in the EEC areas, which can be summarized as follows:
💰1. Extension of Investment Stimulation and ECC Measures until the End of 2022
BOI focuses on promoting private investments, especially large projects, which affect the economy and the recovery of domestic economy that has been continuously affected since 2020. This covers high-technology businesses (A1, A2, and A3) that must be projects with an investment of not less than 1 billion baht within 12 months after the issuance of their promotion certificate. They will receive a 50% reduction of corporate income tax for a period of 5 years. Entrepreneurs can apply for investment promotion from the first business day of 2022 to the last business day of 2022.
💸 2. Extension of EEC Investment Promotion Measures until the Last Day of 2022
This excludes projects located in all five special economic zones, i.e. Eastern Airport City (EECa), Eastern Economic Corridor of Innovation (EECi), Eastern Economic Corridor of Digital (EECd), Thammasat Integrated Medical Innovation Center (Pattaya) (EECmd), and Genomics Medicine Burapha University (Bangsaen) (EECg), which can apply for investment promotion with no end date specified.
🩺3. Stimulation of Investments in the Yothi Medical Innovation District
The Yothi Medical Innovation District is designated as an investment promotion zone to encourage Thailand to have a hub for medical innovation and research as well as a hub for innovation development and technology exchange, especially in-depth technologies, between the entrepreneurs and the government institutions or agencies.
Applicants must have two forms of cooperation:
- Cooperation with educational institutions, such as the Work-Integrated Learning (WIL) project and cooperative and bilateral education; and
- Cooperation with hospitals, medical, educational, and research institutions, or government agencies in developing in-depth technologies, such as MedTech.
They will receive a 50% reduction of corporate income tax for a period of 5 years.
🧪4. Designation of Additional Science and Technology Parks
The Asian Institute of Technology (AIT) and the Center for Applied Technology Transfer to SMEs in the Thailand Institute of Scientific and Technological Research (TISTR) at Techno Thani are designated as a science and technology park approved by the Board of Investment (BOI) to support the development of research and development investment areas and the link between the industry sector and the research sector. Applicants for investment promotion in the aforementioned areas will receive a 50% reduction of corporate income tax for a period of 5 years or an exemption of corporate income tax for a period of 2 years, depending on the type of their business.