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Thai Incentive System for Investors Ready for Overhaul.
Byline: Chatrudee Theparat
Nov. 9--The Board of Investment will adopt a new role, to provide comprehensive incentives to investors early next year following amendments to the investment promotion law, according to secretary-general Chakramon Phasukvanich.
Parliament has already passed the amendments, in line with commitments under the World Trade Organisation to reduce tax incentives, which are seen as distorting trade.
Under the existing promotion policy, investors receive different levels of privileges based on where they invest.
Under the new policy, the value of privileges would not exceed a company's investment costs. It would allow the government to calculate fair costs for incentives offered to investors.
"I daresay that next year BoI will adopt a new role in providing investment promotion. It will not only offer privileges to investors, but also provide services to them," Mr Chakramon said.
He said the BoI would be given control of three activities: offering privileges and services to investors, promoting Thailand among foreign investors, and strengthening local investors' competitiveness.
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