Thailand approves incentives to accelerate industry 4.0 transformation

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Companies that have obtained the approval will have to fully implement their upgrade plans within three years from the date of issuance of the BOI certificate.

Thailand’s Board of Investment (BOI) has approved incentives to encourage companies to accelerate their Industry 4.0 transformation. These incentives include a three-year corporate tax exemption covering 100% of the investment in upgrading Industry 4.0.

Incentive applications must be submitted by the end of 2022, and approved companies will have to fully implement their upgrade plans within three years from the date of issuance of the BOI certificate.

“The BOI has long encouraged companies to move towards improving productivity and automation, but now is the time to go further to support the transformation of Industry 4.0,” Duangjai told reporters. Asawachintachit, Secretary General of BOI. Bangkok Post.

READ: Thailand sees 222,871 jobs created in October

In the first ninth months of 2021, the total value of investment applications filed by local and foreign investors amounted to 520.7 billion baht (US $ 15 billion), more than the 216.6 billion baht (US $ 6.5 billion) of claims filed during the same period. Last year. This figure is also higher than the total amount for the year 2020.

Over the period, there were 1,273 project requests, compared to 1,037 submitted during the same period last year.

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