Tax incentives offered for electric vehicle manufacturers

BANGKOK, March 29 (TNA) -- Thailand has introduced a series of tax incentives for electric vehicle manufacturing in the country, aiming to lure at least Bt600 billion worth of investment this year. Hirunya Suchinai, Secretary General of Board of Investment (BoI), said automakers had showed their interests in setting up electric vehicle production in the country to capitalize the incentives package covering passenger cars, pick-up trucks and buses. Carmakers, including those having no production base in Thailand, were keen to the tariff exemption packages, she said. The BoI out packages give tax exemption for imported production machinery, and corporate tax cuts from five to eight years for investments in full-EV, HEV, and PHEV production, for applications submitted within this year. Ms Hirunya also reported that in the first two months this year the BoI received applications for investment projects worth Bt30.5 billion. She projected that the combined value of investment projects would exceed the target of Bt600 billion this year. (TNA)