Bangkok (VNA) – Thailand’s cabinet approved an extension of a 25 percent ccorporate tax exemption for
bioplastic companies In order to promote Thailand as the biological hub of the Association of Southeast Asian Nations (ASEAN).
The measure was first implemented on January 1, 2019 and expired on December 31 last year. It was set up to help private companies buy bioplastic products from Thai producers and promote bioplastic production in Thailand.
In 2020, there were 14 businesses eligible for the tax exemption worth 18.3 million baht ($544,000).
Deputy government spokesperson Rachada Dhnadirek said the measure not only reduces taxes for companies active in the bioplastics industry, but also supports the government’s policy to promote a biocircular and green economy (BCG) .
Early last year, the Thai government approved BCG’s Economic Development Strategic Plan for 2021-2026 to boost the country’s economic growth over the next five years.
The national development strategy based on this BCG model includes four areas, namely agriculture and food; health care and medical services; energy and biochemistry; and tourism and the creative economy. The BCG committee has created seven subcommittees to work to promote development, improve regulation, and attract real investment./.