Page 52 - Introduction to Investment Laws in Thailand

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draft law on sole proprietorship is still under parliament consideration.
The draft law on sole proprietorship aims to enable the natural person to
register their business and then become a juristic person for the tax
benefit. It is because the tax ratio on a natural person is higher than a
juristic person taxes.

2.5 Investment Incentives and Encouraged Investment Sectors

Thailand adopted the Investment Promotion Act B.E. 2520(1977) as the
primary legislation for attracting and facilitating investment into
Thailand. The Act establishes a Board of Investment (BOI), comprising
the Prime Minister as Chairman, the Minister of Industry and other
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advisors to the Board. The Board of Investment ( BOI) has the
authoritative powers to issue regulation and permissions on:

1) Regulation to provide Right and Benefit to Foreign
company
- to permit foreign nationals to enter into the Kingdom to
undertake investment feasibility studies or perform any
other acts that will benefit the investment within the
permitted period of stay in the Kingdom as deemed
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appropriate by the Board
- to promote skilled workers, experts, spouses and
60
dependents of skilled workers or expert persons
- To permit foreigners to own land for the operation of
promoted business undertakings in the amount as
61
deemed appropriate by the BOI
- to exempt import duties on machinery as approved by

57 Office of the State, 2020, Draft Act on establishment of sole proprietorship
as the juristic person,
<https://www.krisdika.go.th/data/comment/comment_lawdraft/2563/0971_2563_0126
.pdf>
58 Investment Promotion Act BE 2520(1977) section 6
59 Investment Promotion Act BE 2520(1977) section 24
60 Investment Promotion Act BE 2520(1977) section 25,26
61 Investment Promotion Act BE 2520(1977) section 27

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