Tax privileges for Smart City

BANGKOK, May 9 (TNA) -- The Board of Investment (BoI) approved tax privileges for investments in Smart City projects and workers’ residences and extended a deadline for promotional privilege applications for economic development projects in border provinces. BoI Secretary-General Duangjai Asawachintachit said corporate income tax was exempted for eight years for investors in Smart City projects that would feature better transport, education, social equality, safety, business facilitation, public services, energy supplies and environment. The tax exemption is eligible for those investing in Smart City’s communication infrastructures and smart systems. BoI also endorsed the exemption of corporate income tax for 12-13 years for scientific and technological investments in the Eastern Economic Corridor. The board agreed with three-year exemption of corporate income tax for investment in standard residences for workers nationwide. In addition, Ms Duangjai said BoI extended the deadline for applications for promotional privileges for investments in ten border economic zones from Dec 30 this year to Dec 30, 2020. (TNA)