The Board of Investment Thailand has approved a personal income tax exemption for researchers and specialists working in 10 targeted industries prioritized by the Thai government. These industries include:
- Next-generation automotive
- High-tech electronics
- Medical and wellness tourism
- Agriculture and biotechnology
- Food production
- Industrial robotics
- Logistics and aviation
- Biofuels and biochemicals
- Digital technologies
- Medical services
Another important development: work permits for foreign specialists employed by companies operating in these sectors will be issued for up to 5 years.
In addition, the government has amended the Investment Promotion Act Thailand regarding corporate income tax. The tax exemption period has been extended from 8 to 13 years, and the Ministry of Finance has proposed extending it further to 15 years.
These incentives apply to companies that have received approval from the BOI.
Source: The Bangkok Post