To stimulate economic growth and add incentives, new Thailand Board of Investment (BOI) benefits have been classified in the accountancy and legal fields. Each group represents special amenities and activities. For example, one group (Group A) is made up of activities that are given certain tax incentives, that are corporate-based. These activities may also include import duty perks for machine sand raw materials.
Established Incentives in Taxation
As a full listing of tax incentives have been established, you will need to learn more from a BOI advisory in Thailand to understand the full scope of these kinds of benefits. In the meantime, it does not hurt to introduce yourself to this type of legislation, especially if you are an established company or corporation.
Preparing for Future Economic Growth
With these types of benefits, Thailand is posed to become a booming business location – one that can provide amenities for businesses now and far into the future. For instance, BOI incentives also include an eight-year corporate tax exemption, of not more than the entire investment of a business. This excludes the cost or working capital and land. Income tax exemptions of this type also cover three- and five-year periods.
Extending Certain Exemptions
When you review incentives under the listing of Group B, again, you will find attractive benefits. The incentives under this group offer an exemption on the import duty on raw material used in the export of manufacturing products for a period of a year. This can be extended, however, provided it receives the Board of Investment’s approval and endorsement.
Making Allowances for Business Growth
A lot of businesses in Thailand can benefit from these types of tax allowances, including research and development companies, businesses that make donations to technology, and HR development funds. These same businesses can also benefit when contributing to and supporting educational institutions or special education and training centers.
Increasing Business Competitiveness
When you have these kinds of incentives, it encourages businesses to make Thailand a more competitive place – an economy that can meet the demands in the business field with respect to advanced technology, local supplier upgrades, and product and packaging design. All the details that relate to the legislation should meet the criteria set by the Office of the Board of Investment in Thailand.
As you can see, there is a lot to go over when it comes to BOI incentives and the tax law in Thailand. That is why you need a mentor in the accountancy and legal field – someone who will work with your company and help you enjoy substantial tax benefits. Be part of the growth that Thailand is seeking. Contact a company that can help you excel tax-wise and revenue-wise in Thailand.
The criteria that must be established to enjoy tax incentives or obtain approval for a business project has been developed and outlined by the BOI panel. For example, value added should not be under 20% of a company’s sales revenue, except when projects feature the manufacture of electronic items or components, or when businesses take on agricultural initiatives. Projects which have obtained special approval by the Board are also exempt.
You have a lot to review when you operate a business in Thailand. Make sure you have professional support to comply and realize your project goals and requirements.