Thailand has a well-established history of enforcing environmental protection policies. The country's development strategies prioritize green growth, and it has set consistent climate change mitigation targets. To foster green initiatives and industries, Thailand offers investment incentives as well.
Nevertheless, this time the Board of Investment of Thailand devised a plan and proposal to mitigate environmental threats. The Board of Directors of BOI Thailand has taken steps to encourage investments that reduce PM2.5 particulate pollution, as announced by BOI Secretary-General Narit Therdsteerasukdi.
To address the current smog situation, BOI collaborates with the Ministry of Natural Resources and Environment to empower local organizations and farmer groups through various environmental management methods that lead to sustained PM2.5 pollution reduction.
Scope of Investment
The announced measures expand the scope of investment promotion support to include community and social development. They involve supporting local organizations and farmers to improve environmental standards within communities.
Specific focus areas include forest management in areas like community forests, conservation forests, and national forest reserves, aiming to alleviate the nationwide issue of PM2.5 pollution.
In addition, BOI prioritizes promoting investments in projects with minimal harmful effects environmentally and reducing pollution across various sectors such as industry, energy, transportation, and agriculture. Past efforts include supporting alternative energy production and use, upgrading industries with energy-efficient machinery and environmentally friendly technologies, and promoting electric vehicle industries.
Eligible Activities and Promotion
Activities eligible for benefits under these investment promotion measures include constructing firebreaks in wet-forest areas, building moisture-retaining ridges, providing firefighting tools and equipment, and offering training on forest fire prevention and control.
Operators involved in forest management and PM2.5 pollution reduction activities that meet the Ministry of Natural Resources and Environment criteria can receive a corporate income tax exemption for three years, not exceeding 200% of the actual investment in supporting local organizations and farmer groups.
The investment promotion measures have been extended for an additional year beyond the original end date, encompassing three measures: investment stimulation for economic recovery, a retention and expansion program, and a relocation program.
The deadline for submitting investment promotion applications has been extended to the final business day of 2024.
Already Promoted Projects
In other news, BOI's board of directors approved investment promotion privileges for two projects worth a combined 18.67 billion baht. The first is a biofuel production project using used vegetable oil, with an investment value of 10 billion baht. The second is a Smart Distribution Centre project, focusing on warehouse management and digital technology for product distribution across various industries.
Do you have a plan to start a Green Project in Thailand? Then be assured that it will be eligible for BOI Promotion in Thailand granting you all the benefits as announced.
As a leading corporate law firm in Thailand, Konrad Legal can help you in obtaining BOI Promotion in Thailand.
Are these benefits applicable to all global investors and are you eligible to apply for BOI Thailand promotions?
- What are the steps of getting a BOI Thailand Promotions Certificate?
- What to do before and after registering your BOI Company in Thailand?
To get answers to such or more complicated questions, you must consult with a leading corporate law firm in Thailand with experience in BOI Company Registration.
For direct support, feel free to email us at officer@konradlegal.com.
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