Thailand aims to become biological centre of ASEAN
The Thai cabinet has approved an extension of a 25 percent corporate tax exemption for bio-plastic companies in order to promote Thailand as a biological hub of the Association of Southeast Asia Nations (ASEAN).
Bangkok (VNA) - The Thaicabinet has approved an extension of a 25 percent corporate tax exemption forbio-plastic companies in order to promote Thailand as a biological hub of the Associationof Southeast Asia Nations (ASEAN).
The measure was firstimplemented on January 1, 2019, and expired on December 31 last year. It was put in place to supportprivate companies to purchase bio-plastic products from Thai producers andpromote bio-plastic production in Thailand.
In 2020, there were 14companies eligible for the tax exemption worth 18.3 million baht (544,000 USD).
Deputy government spokeswoman Rachada Dhnadirek said the measure does not only reduce tax for companiesengaged in the bio-plastic industry but also supports the government's policy to promotea bio-circular and green (BCG) economy.
Early last year, the ThaiGovernment approved the Strategic Plan for the development of the BCG economy for the 2021-2026period to boost the country's economic growth over the next five years.
The national development strategy based on thisBCG model includes four areas namely agriculture and food; health care andmedical services; energy and biochemistry; and tourism and the creativeeconomy. The BCG Committee has established seven subcommittees to work onpromoting development, improving regulations, and attracting real investment./.
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Illustrative photo (Source: AFP/VNA)
