BANGKOK – The Cabinet has given the green light to the plan to develop Thailand into the regional hub for automotive research and testing.
Government Spokesperson Maj Gen Sansern Kaewkamnerd announced the results of the weekly Cabinet meeting, saying the Cabinet approved in principle the Finance Ministry’s measure to support Thailand in becoming the region’s center of research, development and performance testing for prototype vehicles.
The Finance Ministry eyes granting special privileges to qualified researchers through the exemption of import tariff, excise tax and value-added tax. The Excise Department has been tasked with overseeing the matter and assessing the eligibility of each operator for the tax waivers.
It is believed that the measure will cost the government a small portion of its revenue. However, it will in turn lend a great boost to investment, generate a number of job opportunities and raise the competitiveness of the Thai automotive sector.