Reduced import tariff for four major investment projects

01 Jun 2022

On 1 June 2022, the Board of Investment (BOI) of Thailand approved tax incentives (import tariff reduction) for four major investment projects with combined investment value of 209 billion THB (around $ 6 billion) to promote further investments in infrastructure in the Eastern Economic Corridor.

According to BOI, four major investment projects are as follows: a project to manufacture battery electronic vehicles (BEV) by Horizon Plus Co Ltd (investment value of $ 1 billion); Asia Era One Co Ltd for its high-speed train project linking the Don Mueang, Suvarnahbhumi and U-Tapao airports ((investment value of $ 4.6 billion); a textile project by Kingboard Holding Ltd ((investment value of $ 0.2 billion); an electricity co-generation project ((investment value of $ 0.1 billion) of the IRPC Clean Power Co Ltd.

Accordingly, investors will get import tariff reduction for the import of materials and necessary items for the manufacturing process for five years instead of two years as approved. The companies that have received a two-year tax reduction earlier can ask for extension of the privilege to five years.