BOI extended tax exempt on imported machinery for flood-hit businesses

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BANGKOK, 2 August 2012  – The Board of Investment (BOI) has agreed to extend tax privileges for flood-affected business until the end of the year. 

Industry Minister Pongsvas Svastiwat said on Wednesday that the latest BOI meeting, chaired by Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong, resolved to extend the expiration of tax exempt on imported machinery for flood-hit entrepreneurs, from the original date of June 30th to December 31st, 2012.

Mr. Pongsvas said that the deadline extension is needed as a number of business operators are in the middle of preparation for the import of new machinery to replace the damaged ones or are deciding whether they should apply for some tax privileges from the BOI.

According to BOI data, more than 150 projects located in Ayutthaya and Pathum Thani are preparing all documents to apply for tax incentives.

As of June 30th, 490 projects have imported machinery worth 108.65 billion baht to replace those that were submerged late last year.