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Govt unveils fresh tax breaks for electric vehicle makers

A woman holds a cable to charge up a Renault Kangoo ZE electric utility vehicle at a Renault automobile dealership in Cagnes-Sur-Mer, France, Oct 22, 2020. (Reuters file photo)

The government has approved a slew of new incentives covering electric cars, buses, trucks, motorcycles and ships to promote local production of electric vehicles (EV) and its supply chain.

The new package, approved by the nation’s Board of Investment chaired by Prime Minister Prayut Chan-o-cha, includes a three-year tax holiday for manufacturers of plug-in hybrid vehicles and an eight-year corporate income tax waiver for battery electric vehicle makers.

The incentives, which replace a set of benefits that expired in 2018, “will accelerate the development of EV production and related supply chain in Thailand, and allow the…

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