The Thai BOI promotes manufacture of biotechnology-derived products:
1. Manufacture of bioplastic or products from bioplastic derived from the continual process with the same project.
The project must be certified by bio based content certificate such as TISI 2734, ISO 16620 or an equivalent international standard. The certification must be completed the full operation deadline.
If gets promoted, the project can get a corporate income tax exemption for 8 years, limited to 100% of the project’s investment, as determined by the Board.
2. Manufacture of products from bioplastic.
The project must have plastic forming process from bioplastic and it must be certified by bio based certificate, such as TISI 2734, ISO 16620 or an equivalent international standard. The certification must be completed before the full operation deadline.
Once promoted, the project can get a corporate income tax exemption for 5 years, limited to 100% of the project’s investment, as determined by the Board.
Aside from tax incentives, both projects can be granted with these non-tax incentives:
- Exemption of import duties on machinery
- Exemption of import duties on raw materials used in R&D
- Exemption of import duties on raw materials used in production for export
- Permission to own land to be used in doing the promoted project
- Permission to hire expats with less restriction in getting work permit & visas
- Permission to bring skilled workers and experts into the Kingdom to work in the promoted projects
Thai Lawyers can assist in getting the BOI certificate for Biotechnology industry. Our team of experts can also help in setting up the company, obtaining work permit & visas and opening the BOI operation.