New measurements for promoting local SMEs and tourism businesses in second tier provinces

The new incentives are detailed as follows.  

Local SMEs  

To encourage Thai entrepreneurs to improve their potential, efficiency, and increase their competitiveness, such as machinery modification and implementing automated system and digital technology, an increase in the period for exemption from corporate income tax (“CIT”) that is granted to local SMEs from 3 years with cap of 50% of investment in improvement of efficiency to 5 years of 100% of investment in improvement of efficiency.  

Tourism businesses in second tier provinces  

With regard to the government’s policy to upgrade tourism infrastructure and develop new tourist attractions, investment in tourism businesses such as large-scale quality tourist attractions, theme parks, Thai cultural centers, handicraft, museums, open zoos, international exhibition centers, large convention halls, cruise terminals, motor racing stadiums, cable cars and electric trams for tourism in the 55 designated provinces will receive 8 years CIT exemption privilege.  

For investment in hotel business, the period for exemption from CIT will be increased from 3 years to 5 years.  

Reference:  

• BOI News: Thailand BOI Approves Higher Tech, HRD Requirements for Data Center Investments, Promotion Measures for Local SMEs; Green-Lights USD 3 Billion Projects in Data Center, Wind Power. Retrieved from Thailand Board of Investment.