The Thai government has revised its incentive program for investment in electric and hybrid vehicles with the aim of establishing itself as a major zero-emission production hub in Southeast Asia.
Manufacturers must spend a minimum of THB 5 billion (US $ 167 million) to receive full incentives from the investment committee.
Investors in battery-powered electric vehicles are eligible for up to 8 years of corporate tax (CIT) exemption and up to 11 years of CIT exemption for R & D investments.
For investors investing in the production of plug-in hybrid vehicles, the CIT exemption lasts for only three years, while for investments in other hybrid vehicles there is no tax exemption.
For investments of less than THB 5 billion, companies considering the production of battery-powered electric vehicles and plug-in hybrid vehicles are eligible for a three-year tax exemption.
Investors are also eligible for a three-year CIT exemption for the production of battery-powered trucks and buses.
BOI has included four additional components in its list of recognized EV components covered by the incentive program: high voltage harness, reduction gear, battery cooling system and regenerative braking system.
Thailand Revises EV Investment Incentives | Automotive Industry News
Source link Thailand Revises EV Investment Incentives | Automotive Industry News