BANGKOK, Thailand – Thailand is strengthening support for small businesses to enhance competitiveness amid rising global economic volatility.
Government Spokesperson Jirayu Huangsap has announced that the Board of Investment (BOI) has approved four new investment promotion measures following directives from Prime Minister Paetongtarn Shinawatra. The goal is to enhance Thai SMEs’ competitiveness and ensure resilience amid global economic uncertainties.
The first measure increases tax incentives to encourage technology upgrades among SMEs. Businesses that improve efficiency using automation or green tech will now receive five-year corporate tax exemptions capped at 100% of investment value, up from the previous three years at 50%.
The second measure suspends promotion for businesses facing oversupply or trade risks, such as solar panel production, lead-acid batteries, vehicle accessories, or scrap separation operations without recycling processes. It also halts incentives for certain downstream steel operations.
The third measure raises standards for value-added manufacturing. Projects must show significant transformation of key raw materials, such as auto parts, electronics, and metal products, with customs classification shifts of at least four digits to qualify for export incentives.
The fourth measure adjusts foreign labor rules. Companies with over 100 employees must maintain a workforce with at least 70% Thai nationals. Minimum monthly income requirements are set at 150,000 baht for executives and 50,000 baht for specialists applying for work permits.
These efforts ensure fair employment opportunities for Thais while improving the business environment and attracting sustainable investment. (NNT)
