As Thailand is aspired to become more innovation-driven, private sector R&D plays a very significant role. In order to encourage companies to step up their R&D, the BOI has proposed to the board that projects that invest or spend at least 200 million baht or 1% of their total sales of the first 3 years be entitled to a longer tax breaks (maximum 13 years) with no corporate income tax exemption ceiling. The number of additional years of tax holidays depends on the amount of R&D spending/investment. Moreover, companies that participate in apprenticeship programs or spend on advanced technology training can also enjoy greater tax incentives.
“We see R&D and HRD being the most critical factors in strengthening the country’s competitiveness”, Ms Duangjai Asawachintachit, Secretary General of the BOI, said after the meeting chaired by Prime Minister Gen Prayut Chan-ocha.
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