Thailand’s Board of Investment (BOI) has approved fresh incentives for investments in the Electric Vehicles (EV) sector. This is in line with the Thai government’s policy to accelerate the growth of the domestic EV market and quickly expand related infrastructure, especially charging stations.
Adding to the 5-year corporate income tax exemption available to investments in charging stations with at least 40 chargers, the revised measures now allow smaller charging stations to be eligible for 3-year tax benefits.
The revised measures also abolished two requirements, namely the condition barring investors to receive additional benefits from other agencies, and the requirement for ISO certification. This is because some chargers could be installed in other establishments such as hotels and condominiums as well and not necessarily at typical charging stations.
Charging station investors are now only required to adhere to the relevant safety regulations and to submit either a plan to implement an EV Smart Charging System or to connect to an EV Charging Network Operator Platform which is to be developed as a central mechanism to create efficient management for both operators and Battery Electric Vehicle (BEV) users.
The BOI already provides comprehensive incentives to the EV sector’s supply chain, with measures to promote the manufacturing of both complete vehicles and essential parts.
(Source: Thailand’s Board of Investment)