On 21 December 2020, Thailand’s Board of Investment approved a series of investment acceleration measures to stimulate Thailand’s economy and encourage businesses to adopt digital technologies in 2021. A notification containing details of the measures is yet to be issued. The additional incentives to accelerate investment include a corporate tax exemption and large tax deductions, with each investment acceleration measure providing different privileges. These incentives are summarized in this Update.
As the COVID-19 pandemic re-emerged in Thailand in December 2020, the Thai government has announced the extension of the Emergency Decree which applies to all areas of Thailand until 28 February 2021. As the restrictions inevitably cause impact on businesses and individuals, the government has also introduced several relief measures intended to relieve the impact of COVID-19, including labour related measures, financial aid to SMEs, and tax relief measures. This Update highlights some of these key relief measures.