THAILAND: New Industry 4.0 Transformation Incentives Announced

A raft of incentives, designed to encourage companies to accelerate their move towards Industry 4.0 compliance, has been approved by the Thailand Board of Investment (BOI). Chief among these new measures is a three-year corporate income tax exemption, which is intended to cover the whole of the cost of any required Industry 4.0 upgrade.

Applications for the tax waiver and all related incentives will be jointly assessed by the BOI and the National Science and Technology Development Agency (NSTDA) and must be submitted before the end of 2022. Any company subsequently deemed eligible will then be required to fully implement their upgrade plans within three years of the date of issue of the approved BOI certificate.