Tax Incentives issued for Electric Vehicle Industry in Thailand

 Nov. 9, 2020

The Board of Investment granted tax incentives for Thailand's electric vehicle (EV) industry as follows: 

Four-wheeled vehicles

• PHEV projects worth at least 5 billion baht (US$163,783,000) are eligible to receive a three-year corporate tax holiday 

• BEV projects (also valued at the same amount) will be eligible to receive an eight-year corporate tax holiday. In the case of BEVs, this also extends to research and development (R&D) expenditures.

Motorcycles, three-wheelers, buses, and trucks

• Projects developing such types of EVs are eligible for a three-year corporate income tax (CIT) exemption, which can be extended under certain conditions.

Electric-powered ships

• Production of vessels of less than 500 gross tonnages is eligible for eight years of CIT exemptions.

Supporting supply chains

• For supporting supply chains by adding four types of EV parts eligible for CIT exemptions, namely, voltage harnesses, reduction gear, battery cooling systems, and regenerative braking systems.

 In full: https://www.aseanbriefing.com/news/thailand-issues-tax-incentives-for-electric-vehicle-industry/