BoI reports surge in foreign direct investment this year

The BOI reported that the number of applications from China's companies seeking Board of Investment (BOI)'s tax privileges surged by 100 per cent year on year in the first nine months to Bt45 billion but Japan came in first with applications for 167 projects worth THB59.19 billion, followed by China, with 139 projects worth THB45.44 billion, and Switzerland with 15 projects worth THB11.71 billion. The total value of investment applications received by the BoI from January to September rose 69 percent compared to the same period last year, to a total value of THB203.37 billion.

The latest “e-Conomy SEA 2019” report shows that Southeast Asia's internet economy reached $100 billion for the first time this year, with 360 million people now linked up to cyberspace – 100 million more than just four years ago. In Thailand, the internet economy hit US$16 billion in 2019, making it the second largest in Southeast Asia after Indonesia. It has been growing at 29 percent per year and is expected to reach US$50 billion by 2025. Online travel (flights, hotels, vacation rentals) remains the largest segment in Thailand with US$7.2 billion in gross bookings value in 2019, growing at 17 percent. E-commerce in Thailand is expected to reach US$5 billion in 2019 and is expected to hit US$18 billion by 2025 driven by the high levels of engagement on social media and video platforms among Thais. The internet economy, while currently focused in major metropolitan areas, is forecast to grow twice as fast outside cities by 2025 creating new jobs and opportunities along with greater demand for education and training.

The Interior Ministry has slashed transfer and mortgage fees for residential properties under 3 million baht until December 24, 2020. The transfer registration and mortgage registration fees were cut to 0.01 percent of property prices from 2 percent and 1 percent. The new rates apply only to land with buildings priced under 3 million baht each bought from housing estate developers and for same transactions.

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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