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@BOI to promote modern agricultural industry under “Thailand 4.0” policy (21/09/2560)

21 Sep 2017
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Prime Minister Gen. Prayut Chan-o-cha presides over the Board of Investment (BOI) meeting at the Government House to approve a flagship policy to modernize Thailand's farm industry. Officials attending the meeting include Deputy Prime Minister ACM Prajin Juntong, Deputy Prime Minister Somkid Jatusripitak, ministers, and other related officials. After the meeting, BOI Secretary General Hirunya Sujinai disclosed that the meeting has approved a policy under “Thailand 4.0” to upgrade the country’s agricultural industry into a modern agricultural industry through a series of investment incentives. These include a five-year corporate income tax exemption granted to businesses adopting information technology or engineering design to improve and modernize traditional agricultural production Intelligent greenhouse system, resource usage control, and other monitoring systems are examples of such practices. Approval is also made on promoting standardization of the country’s agricultural industry to attain international standard such as Good Agricultural Practices (GAP) or ISO 2200. The standardization would help expand markets for Thai agricultural products. Entrepreneurs in the agricultural industry can apply for investment privileges before year-end 2020. An incentive of five-year corporate income tax exemption is applicable for companies with revenue not exceeding 50 percent of investment budget. The meeting has also approved a policy to promote usage of machinery and automatic devices. Businesses using machinery and automatic devices will be given corporate income tax exemption for three years. This exemption is designated for those with revenue not exceeding 50 percent of investment budget. Businesses using up to 30 percent of domestic machinery and equipment will be given a privilege of corporate income tax exemption for three years. This privilege is applied to businesses with revenue not exceeding 100 percent of investment budget. Another approval is made to promote enhancement of science, technology, and human resource. Privileges in accordance with project values are offered to activities in group A1 or A2, which have already been granted with an eight-year corporate income tax exemption. Such incentives are applied given that businesses increase investment in science, technology, and human resource. The BOI has also approved promotion of three investment projects, with a combine value of 28.227 billion baht. Source: NNT (20/09/2017)

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