Nowadays more and more people are becoming very conscious about their health and seeking food supplement apart from the nutrition given by typical food. This trend is reflected in an increase in the demand for different food supplements. Food supplement industry in Thailand has been growing rapidly. Moreover, the Board of Investment (BOI) promotes the investment in the manufacturing of food supplements by granting corporate income tax exemption and other motives to the promoted companies. Therefore, it is an area of interest among many health supplements companies to take advantage of the BOI incentives granted if they can pass the following conditions.
- Products must be registered as “food supplements” by the Thai Food and Drug Administration or other internationally-accepted standards agencies.
- Projects must have an active ingredient extraction process
BOI incentives for manufacture of food supplements
- Your company will be exempt from corporate income tax for 8 years, up to 100% of your investment in accordance with the BOI rules, which excludes cost of land and working capital.
- Exemption of import duty on machinery
- Exemption of import duty on raw or essential materials used in manufacturing export products for 1 year, which can be extended as deemed it appropriate by the Board
- Other non-tax incentives
- Permit to bring into the Kingdom skilled workers and experts to work in investment promoted activities.
- Permit to own land.
- Permit to take out or remit money abroad in foreign currency.
Read more on Thailand BOI benefits.