Bangkok (VNA) - The Thai Government is preparing a new set of pr💯ivileges, including exempting corporate tax for 15 years, to draw more investors in targeted industries to the Eastern Economic Corridor (EEC).

Thai Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai said on August 14 that he will soon hold a meeting with the EEC policy board to endorse the new privilege package before sending it to the Cabinet for approval. The board will also consider approving more investments to improve the EEC infrastructure, he noted. A source from the EEC Office said the package will cover tax and non-tax privileges, like being eligible for 1-15 years of corporate tax exemption based on the investment conditions. Firms that are not eligible for this exemption can still get a corporate tax deduction of 50% for 1-10 years provided they have invested in the EEC zone. Companies eligible for corporate tax exemptions for no more than 8 years can receive tax deductions for between 1-5 years once the exemption period expires. In addition, when the exemption period is over, investors can cite accumulated losses of up to 5 years to seek tax deductions. They can also cite transport, power and water costs at twice the amount for calculating tax deductions. From January 1, 2023 to July 12, 2024, the EEC Office successfully invited 109 investors to invest in the five targeted industries, namely medicine and wellness, digital, modern automotive, the bio circular and green (BCG) economy, along with aviation and logistics./.