BANGKOK, April 15, 2020 /PRNewswire/ -- Today the Thailand Board of Investment announced that it has approved new economic measures to help mitigate the impact of the coronavirus.
In response to the virus outbreak, the Thailand Board of Investment (BOI), has developed a series of incentives and measures to address the needs of companies operating in the medical device, medical equipment, and medical supply industry.
Businesses with products and services that are used in the fight against COVID-19, have been given extra resources to assist them as they scale their companies to meet the demands of the global pandemic. Companies modifying or transforming their production lines to increase the availability of medical supplies in Thailand, will also be eligible for the newly expanded series of economic incentives and measures.
"Thailand has a strong medical device and medical supply industry," said Vorawan Norasucha, Director of the New York office of the Thailand Board of Investment, "These newly expanded measures will enable medical supply companies to increase and modify production to meet the needs of Thailand's healthcare system as well as provide products for export to global markets in need of critical supplies."
The new measures include:
- In addition to a 3 to 8-year tax holiday, a reduction of 50 percent of corporate income tax for an additional 3 years will be given to qualified companies in the medical sector who apply between January 1 and June 30, 2020, and begin production before December 31, 2020.
- An incentive to support the adjustment of existing production lines to manufacture medical devices or parts, by exempting import duties on machinery imported in 2020 and for companies submitting applications to adjust production lines before September 2020.
- Adjustments to benefits granted for the production of raw materials used in the manufacturing of medical products. Additional tax adjustments will be available to companies producing non-woven fabric used to manufacture medical masks or medical devices.
- Relaxation of investment conditions for companies impacted by the coronavirus, as well as application waivers for companies temporarily ceasing operations for more than two months.
For a complete list of new measures taken to ease the impact of COVID-19 on businesses operating in Thailand, please visit: www.boi.go.th
ABOUT THAILAND BOARD OF INVESTMENT NEW YORK OFFICE
The Thailand Board of Investment New York (BOI New York) is one of 16 BOI overseas offices. The BOI New York team works with U.S. and Canadian companies, to facilitate foreign direct investment and to provide support services to companies investing in Thailand. BOI's services are free of charge and customized to help foreign businesses succeed in Thailand.
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SOURCE Thailand Board of Investment