Companies eligible for corporate tax exemptions for no more than eight years can receive tax deductions for between one and five years once the exemption period expires.
In addition, once the exemption period is over, investors can cite accumulated losses of up to five years to seek tax deductions. They can also cite transport, power and water costs at twice the amount for calculating tax deductions.
The companies will also get the chance to deduct the cost of investment for convenience facilities from taxable income at the rate of 1-25% of the cost, the source added.
For non-tax privileges, investors of targeted industries can own land and condominium units without seeking special approval, and can bring specialists, executives and their families to live and work in Thailand without requiring a work permit.
The package will allow the investors to spend their foreign currency to buy goods and services without being subject to control by the Currencies Exchange Act.
The source added that firms investing in targeted EEC industries will also be eligible for support from the government’s competitiveness promotion fund.
Chula added that from January 1, 2023 to July 12, 2024, the EEC Office has successfully invited 109 investors to invest in the five targeted industries, namely medical and wellness, digital, modern automotive, the BCG (bio circular and green) economy and aviation and logistics.