A farmer harvests rice in Nakhon Pathom province of Thailand (Photo: AFP/VNA)Bangkok (VNA) – The Board of Investment of Thailand has approved thegranting of special promotional privileges for investment in projects relatedto modern agricultural production and services with a view to upgrading thecountry’s farm sector.
The privileges will be offered to businesses that apply tech, particularly forinformation technology or engineering design, to help modernise production inthe traditional farm sector.
Farmers who upgrade their production methods and crop quality to achievesought-after international quality standards, such as Good AgriculturalPractice and ISO 22000 Food Safety Management Systems Certification, willqualify for the incentives.
Under the new privilege structure, businesses that apply technology to helpmodernise production in the traditional farm sector will be entitled to acorporate income tax exemption for five years.
Those who upgrade their production and their products to achieve internationalquality standards will be allowed to enjoy a corporate income tax exemption forthree years. The tax incentive, however, will be limited to 50 percent of theinvestment cost for the standard upgrade.
Applicants for the above two categories are required to submit theirapplications by 2020.
Tax incentives are also being offered for investment in machinery and automatedequipment.
The BOI also approved an extension for three years to 2020 for investors whoimprove their machinery in order to save energy or promote the use of renewableenergy. The existing measure will expire in 2017.-VNA
VNA
