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Thailand BOI Approves Measures to Promote Industry 4.0 Transformation
The Thailand Board of Investment (BOI) at a meeting today approved incentives to encourage companies to speed up Industry 4.0 transformation, and reported that total investment applications for the nine months to September 30 amounted to 520.7 bil-lion baht (USD15 billion), already higher than for the whole of last year.
“The BOI has long been incentivizing companies in moving towards productivity enhancement and automation, but it’s now time to move further to support Industry 4.0 transformation,” Ms Duangjai told reporters after the meeting chaired by Prime Minister Gen Prayut Chan-ocha.
“The tax incentive package approved today offers improved incentives to Industry 4.0 projects which require higher investments.”
Ms. Duangjai Asawachintachit, Secretary General of the Thailand Board of Investment (BOI)
The measures approved include a 3-year corporate income tax exemption covering 100% of the investment into the Industry 4.0 upgrade.
The BOI will be co-operating with the National Science and Technology Development Agency (NSTDA) on this ef-fort as NSTDA will help assess and advise the Industry 4.0 transformation investment plans that the companies will be required to submit.
Applications must be filed by the end of 2022
Companies which receive approval will be required to fully implement their upgrade plans within 3 years from the date of is-suance of the BOI certificate. This new measure supplements the existing measures to support the adoption of automation systems and digital technology adoption.
In a continuation of its policy to help strengthen local small and medium sized enterprises (SME), the board also approved an extension of the existing special investment promotion measures for SMEs until the last business day of 2022.
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