Page 37 - Introduction to Investment Laws in Thailand
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on  encouraging  economic  development  with  an  openness  to  all
                       international  and  national  investments  that  can  serve  the  idea  on
                       sustainable development of Thailand. The research and development with
                       investment in innovation is the main target on foreign direct investment.
                       The current government policy keeps attracting foreign direct investment
                       (FDI) for industries and businesses in Thailand. According to the Board of
                       Investment of Thailand (BOI), the government sets a policy to support FDI
                       in Thailand by focusing on a strategic location, outstanding infrastructure
                       & ecosystems, and a supportive government.
                          Thailand has adopted specific legislation that supports and creates
                       competitive environments to ensure the country's sustainable growth. The
                       Competitiveness Enhancement for Target Industries Act B.E. 2560 (2017)
                       was passed to promote investment in R&D, advanced technology and
                       innovation. The Act exempts qualifying firms from corporate income tax
                       for up to 15 years. It establishes a matching fund of THB 10 billion to
                       invest  in  R&D,  technology  and  innovation  development  jointly,  and
                       human  resource  development  in  ten  targeted  industries  ( e. g.   Next-
                       Generation  Automotive,  Smart  Electronics,  Bio- Energy  and  Bio-
                                41
                       chemicals).  The Act also spells out benefits of;
                                     "Section 23. Promoted individuals may be entitled to one
                              or more rights and benefits as follows:
                                     (1)   rights and benefits under the law on promotion of
                              investment, excluding rights and benefits as regards exemption
                              from or reduction of corporate income tax;
                                     ( 2)   rights  and  benefits  as  regards  exemption  from
                              corporate income tax under section 24;





                    41  UNCTAD-Invesment hub, 2021, The Competitiveness Enhancement Act,
                    <https://investmentpolicy.unctad.org/investment-policy-
                    monitor/measures/3215/the-competitiveness-enhancement-act-came-into-force>



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