By Dave Sébastien
The Thailand Board of Investment said it has approved incentives to encourage companies to reduce greenhouse gas emissions, promote the production of electric vehicles, mitigate the effects of Covid-19 and support the development of local vaccines. .
The board, which reports to the prime minister’s office, also said it approved the request by Glow Energy PCL, an electricity and utility company in Thailand, to invest around 6 billion baht (184.1 billion million dollars) in a cogeneration plant to increase electricity production. and steam.
The board said the measures would include support for local organizations involved in developing sustainable agricultural activities such as low-methane rice cultivation. It would offer three-year tax breaks for investments in modernizing machinery aimed at reducing greenhouse gas emissions, he said.
The board said investments in cold storage facilities and cold storage transport operations using natural refrigerants would benefit from corporate income tax exemptions for three years. It would grant petrochemical production facilities implementing carbon utilization and storage technologies corporate tax exemptions for eight years.
The tax incentives offered related to the promotion of electric bicycles which have seen a rapid market growth in recent years include at least three years of corporate tax exemption, the board said.
The board said it approved a measure allowing companies that still benefit from tax exemptions to apply for additional tax incentives if they provide financial support for vaccine or drug research and development projects carried out by establishments. educational institutions, research institutes and government agencies. Companies would benefit from an additional one to three years of corporate tax exemption and an increase in their corporate tax exemption limit equal to the amount of their contribution of their support is at least 1% of total revenue for the first three years, at least 200 million baht, the board said.
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