New privileges for BOI companies in the EEC

The Board of Investment of Thailand (BOI) has approved measures to promote investment in the Eastern Economic Corridor (EEC) by expanding the number of target industries and increasing corporate income tax benefits. The first measure is to expand target industries and businesses in the EEC, such as industries in the advanced technological development and supporting industries. The second measure is to increase corporate income tax benefits, which cover human resource development and location. Companies in the A1, A2 and A3 business categories will be entitled to a 50 percent reduction in corporate income tax for three more years, while technological industries and businesses will enjoy corporate income tax exemption for two additional years. Companies located in the EEC’s Innovation Zone, Industrial Promotional Zone, Digital Innovation Zone, Eastern Aviation City and the EECmd in Thammasat University, Pattaya Campus, will receive a 50 percent reduction in corporate income tax for two more years. Targeted sectors in technological development located in the EEC will enjoy corporate income tax exemptions for another year. Applicants can sign up for the new privileges which will take effect on January 2, 2020.

The Bank of Thailand has issued guiding principles for mobile-banking security to banks in Thailand to block mobile applications for out of date and jail broken phones. Android phones running software older than version 4, and iPhones using an operating system older than iOS 8, will no longer be able to access full mobile banking services. The central bank is giving banks four months to inform customers of the change and for those customers to update their phones. Banks would also be required to have more complicated settings for PIN codes and passwords in order to reduce the risk of being hacked.

The record for foreign tourist arrivals was broken last week as the 38,260,000th visitor arrived. The visitor, who was awarded two return tickets on Thai Airways and accommodation for her next visit to Thailand, was also the record breaker for Indian tourist arrivals as that number hit 1.9 million. The Indian market has grown significantly, projected at 22 percent growth in arrivals this year and a27 percent growth in revenues to 85 billion baht.

Work Permit

Any foreigner working in Thailand must obtain a Work Permit before beginning work. While a prospective employer may file an application on the foreigner’s behalf in advance of his starting work, the actual Work Permit will not be issued until the foreigner has entered Thailand in accordance with the immigration laws and has presented himself to receive his Work Permit.

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