19 Nov 2019
THAILAND: EV Charging and Electronics Investors Set for Enhanced Incentive Regime
An expanded incentive scheme for investors looking to develop electric vehicle (EV) charging stations has been announced by Thailand’s Board of Investment (BOI). This would see investors eligible for a five-year corporate income tax waiver, among other benefits, with regard to any project delivering 40 or more chargers, of which at least 25% need to be quick chargers. The scheme will apply to investments in charging stations catering to a broad range of EVs, including electric-powered boats. A previous BOI incentive scheme, which ended in December last year, applied solely to car-charging stations.
The move is the latest in a series of measures aimed at both boosting Thailand’s EV and EV components manufacturing sectors and putting in place the required infrastructure for the county’s planned mass switchover to EVs. In line with this, the government previously announced an eight-year CIT waiver for manufacturers of certain EV components.
In a related move, the BOI has additionally announced plans to revise a number of the incentive schemes and benefits packages currently on offer to the electrical appliances and electronics (E&E) industry. It is believed that this initiative is line with the country’s stated objective of establishing itself as a regional hub for the manufacture of smart electronics items and electrical appliances. This is expected to result in any FDI-backed projects geared to related research and development (R&D) activities or the design of sector-appropriate products being eligible for enhanced government support.