New Incentives Launched in Thailand

Jun 2024

The Thailand Board of Investment (BOI) approved incentives to attract the organizers of large international concerts, sporting events, and festivals. These incentives support the Government’s vision to strengthen Thailand’s status as a tourism hub and allow the country’s tourism and entertainment sectors to fully recover from the drop seen during the COVID-19 crisis.

The BOI will grant organizers of large international events requiring an investment, or expenses, of not less than THB 100 million (USD 2.8 million), an import duty exemption on equipment and will facilitate the temporary entry into the country of required foreign staff. Applicants will need to prove their ownership of the rights to organize the project applied for promotion. This measure does not cover the organization of conferences and trade shows.

The BOI also approved a revision of the types of businesses qualified to receive incentives granted to manufacturers of printed circuit boards (PCB) to cover the entire supply chain. In 2023, the BOI approved investment promotion benefits to PCB projects by some 40 companies, representing a combined investment of USD 2.66 billion. The project applications came from companies based in China, Taiwan and Japan moving their PCB production hub to Thailand, as well as from Thai companies.

To further promote foreign investment in PCB manufacturing and cover the entire supply chain, the BOI approved modifying the definition of qualified types of business to include part manufacturers and providers of related services such as lamination, drilling, plating, routing, and electrical testing. The new PCB business definition also covers the producers of PCB parts such as copper clad laminate (CCL), flexible copper clad laminate (FCCL), and PREPREG, as well as the producers of raw materials such as dry film, transfer film, and back up board.

(Source: Thailand Board of Investment)

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