The Eastern Economic Corridor Office is set to offer privileges directly to investors in special economic zones in the three provinces of the EEC.
Kanit Sangsubhan, secretary-general of the EEC Office, said Section 59 of the EEC Act lets the EEC Policy Committee offer privileges equal to those awarded by the Board of Investment (BoI).
Eligible investment must be in targeted industries and located in special promotion zones in the three provinces of the EEC, the Eastern Economic Corridor of Innovation, the Eastern Economic Corridor of Digital and the Eastern Airport City project at U-tapao.
The EEC is part of the government’s strategy to move Thailand towards a high-tech economy.
Spanning Chachoengsao, Chon Buri and Rayong provinces, the EEC hosts 12 targeted S-curve industries: cars; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; medical services; defence; and education development.
The government estimates actual investment value in the corridor at 300 billion baht annually.
Mr Kanit said the agency is empowered to offer a corporate income tax exemption for eight years and a 50% reduction in corporate income tax for an additional five years after the tax holiday, as currently offered by the BoI.
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5 August 2020