The BOI promotes manufacture of lenses that are not classified as medical devices. This activity is categorized as below:
1. Manufacture of lenses from the glass melting process within the same project
This shall not include lenses that are classified as medical devises. Once promoted, the BOI can grant a 5-year corporate income tax exemption on profits from the promoted project limited to 100% of the project’s investment
2. Manufacture of lenses such as camera lenses
This shall not include lenses that classified as medical devices, sunglasses, cosmetic lenses or eyeglasses frame and parts. Once promoted, the BOI can grant a 3-year corporate income tax exemption on profits from the promoted project limited to 100% of the project’s investment
3. Manufacture of sunglasses lenses, cosmetic lenses, eyeglasses frame and parts
Once promoted, this project will not get the tax exemption benefits.
Aside from tax exemption benefits, the BOI can also grant the following incentives to the promoted projects:
- 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
- Permission to bring foreign skilled workers and experts to work in the promoted project
- Permission to bring foreign nationals for the purpose of studying investment opportunities
- Permission to take out or remit funds abroad in foreign currency
If you are looking to do business in Thailand whether it can be eligible for BOI promotion or not, Thai Lawyers can assist in setting up your company, getting work permit and visa for your expat employees.