In October 2021, the Thailand Board of Investment (BOI) approved incentives to encourage companies to speed up Industry 4.0 transformation. It reported that total investment applications for the first nine months of 2021 amounted to THB 520.7 billion (USD 15 billion), already higher than for the whole of 2020.
The measures approved include a 3-year corporate income tax exemption covering 100% of the investment into the Industry 4.0 upgrade. The BOI will be co-operating with the National Science and Technology Development Agency (NSTDA) on this effort, as NSTDA will help assess and advise the Industry 4.0 transformation investment plans that the companies will be required to submit.
Applications must be filed by the end of 2022. Companies that receive approval will be required to fully implement their upgrade plans within 3 years from the date of issuance of the BOI certificate. This new measure supplements the existing measures to support the adoption of automation systems and digital technology adoption.
In a continuation of its policy to help strengthen local small and medium-sized enterprises (SME), the board also approved an extension of the existing special investment promotion measures for SMEs until the last business day of 2022.
(Source: Board of Investment of Thailand – BOI)