Ministry of Science & Technology reports six-month performance, promotes synergy of business and innovation

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BANGKOK, 30 April 2015 – The Ministry of Science and Technology has reported on its performance over the past six months, during which it increased tax breaks to 300 percent for students on scholarship and academics working with the private sector.

The ministry has increased income tax breaks from 200 percent of normal to 300 percent. The tax breaks also apply to private companies sponsoring academic research, as opposed to merely those involved in individual projects. Additionally, funds donated to academic research are eligible for doubled tax breaks.

Science and Technology Minister Pichet Durongkaveroj reported that the ministry over the past six months has been operating in accordance with government reform policies. The ministry has been promoting business applications of academic research and development (R&D).

Dr. Pichet spoke of collaborations with other ministries and the private sector to develop the nation’s economy and society, as well as conserve the environment. The ministry is aimed at academic research attracting 1 percent of gross domestic product and attaining a 30:70 proportion of public to private research.