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Investment Promotion Measure for Grassroots Economy

Investment Promotion Measure for Grassroots Economy

(Unofficial Translation)


Announcement of the Board of Investment No. 5/2563
Investment Promotion Measure for Grassroots Economy

In order to promote investment at a community level, and encourage potential business operators to participate in supporting community enterprises as well as to increase the competition capacity of grassroots economy, by virtue of sections 16 paragraph two, 18, and 31 of the Investment Promotion Act, B.E. 2520 (1979), the Board of Investment hereby announces as follows:

1. The Announcement of the Board of Investment No. 11/2563 dated December 28, 2018 on Investment Measures for Grassroots Economy shall be repealed.

2. Qualifications, conditions, rights and incentives of the projects eligible for promotion pursuant to the investment measures for grassroots economy are as follows:

2.1 Projects that are in operation, whether being promoted or not:

(1) Projects that have already received promotion in the type of business that is being promoted at the time of application and the corporate income tax exemption or deduction period of which have already expired or have never been granted.

(2) Projects that are not promoted must be in the type of business that is being promoted at the time of application.

Conditions

(1) The minimum investment capital of the project must be no less than 1,000,000 million baht (excluding land cost and working capital). The project must provide support to local organizations at no less than 200,000 baht per entity.

(2) Cooperation plan for supporting and increasing competition capacity of local organizations on the production or services must be presented. The plan must be completed within 3 years as from the issuance of promotion certificate.

(3) The supporting local organizations mean cooperatives or community enterprises registered with related agencies or local administrations that operate at least one of the businesses in the scope, which are agriculture and agricultural products, light industries, and community tourism.

Incentives

(1) The projects shall be eligible for a 3-year corporate income tax exemption of no more than 120 percent of the investment capital (excluding land cost and working capital) for income from current operating businesses. The corporate income tax exemption shall be calculated from investment capital (excluding land cost and working capital) actually paid for supporting local organizations as stipulated by the Office of the BOI, such as cost of factory construction, cost of machine and equipment, and cost of trainings. In this regard, the period of corporate income tax exemption shall be counted from the date the income is received after the issuance of promotion certificate.

(2) Non-tax incentives will be in accordance with the Announcement of the Board of Investment No. 2/2557 dated December 3, 2014.

2.2 Projects that are being promoted and the corporate income tax exemption incentives of which are not expired, or new projects applied for promotion and shall be eligible for corporate income tax exemption.

Conditions

(1) The project must provide support to local organizations at no less than 200,000 baht per entity.

(2) Cooperation plan for supporting and increasing competition capacity of local organizations on the production or services must be presented. The plan must be completed within 3 years as from the issuance of promotion certificate.

(3) The supporting local organizations mean cooperatives or community enterprises registered with related agencies or local administrations that operate at least one of the businesses in the scope, which are agriculture and agricultural products, light industries, and community tourism.

Incentives

The projects shall be eligible for an additional corporate income tax exemption of no more than 120 percent of the investment capital (excluding land cost and working capital) that is actually paid in supporting local organizations as stipulated by the Office of the BOI, such as cost of factory construction, cost of machine and equipment, and cost of trainings.

3. Projects that are promoted pursuant to this measure can apply for incentives under other measures.

4. Application for promotion must be submitted no later than the last working day of 2021.

This announcement shall be effective from February 6, 2020 onward.

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