BoI extends maximum incentives

The six categories comprise alternative energy and energy-saving investments, advance- technology projects, investments in environmentally-friendly products, projects that are related to the government's mega-projects, tourism and property projects, and agricultural projects.

The package of the maximum incentives include the eight-year exemption of corporate income tax, 50 per cent deduction of corporate income tax for further 5 years, two-folding deduction of utilities and transport expenditure, and deduction from net profit of 25 per cent of the project's infrastructure installation and construction costs in addition to normal depreciation.

The maximum privileges will provide to those projects located in all areas, but in Bangkok .

Deputy Prime Minister Olarn Chaipravat, who chaired the BoI's board, said the BoI launched the golden period because it wanted to stimulate the country's investment amid the economic crisis next year.

"With our special offer, we aim to achieve the net applications worth Bt650 billion next year," he said.

Since the new BoI's board was formed three weeks ago, it has already approved 219 investment projects with a combined investment of Bt106 billion.

According to its statistics, it received 1,080 applications in the first ten months of this year, an increase of 4.2 per cent from the same period last year. However, the value of combined investment fell 21 per cent year on year to Bt376.9 billion.