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THAILAND: Raft of Incentives Expected for Coastal Province Investors

A raft of new incentives are expected to be offered after legislation to prospective investors in Thailand’s coastal provinces of Chachoengsao, Chonburi and Rayong, [1]with the three regions earmarked for development as part of the country Eastern Economic Corridor(EEC) project[2].

The measures on offer include:
•    Exemption from Personal Income Tax(PIT) for both local and overseas investors or an obligation to pay only a 10% maximum;
•    Possible approval for US dollar transactions, with permission for foreign banks to establish EEC branches also under consideration;
•    Assistance for investors looking for suitable sites for their operations;
•    Five-year work permits for all approved investors.
While no implementation date has yet been announced for the proposals, an action plan with regard to the EEC development is expected within three months.

 

 

 


[1] The Organization of Asia-Pacific News Agencies, 2 July 2016

[2] The EEC will straddle the three coastal provinces of Chachoengsao, Chon Buri and Rayong. It has been conceived as planned economic zone for industrial, infrastructure and urban development. Envisaged by the government as a prominent trade and transport hub within the ASEAN region, the EEC will accommodate industry clusters from ten officially-promoted sectors, including smart electronics; next-generation cars, affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital services; and medical services.

Content provided by Picture: HKTDC Research
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