BOI and the Medical Industry 4.0
The Office of the Board of Investment or BOI has put focus on the comprehensive medical industry, not only because the government has determined the medical industry as one of the targeted industries, but also the development of this industry has a massive impact on health and quality of life of all Thais. Unquestionably, a healthy population leads to a prosperous economy and society.
Furthermore, once Thailand has reduced the imports of medicine and medical devices, cheaper treatments can definitely be achieved. Not only Thai people, but also foreigners who receive medical treatment in Thailand can largely benefit from the affordability of healthcare services. It is expected that medical tourism in Thailand will experience immense growth in the upcoming years.
The BOI promotes investment in the comprehensive medical industry, which includes medical treatments and professional healthcare services
Medical treatments include:
Activities Incentives e.g.
1. Manufacture of medical food or supplements 8-year corporate income tax exemption
2. Manufacture of medical devices and parts 3 to 8-year corporate income tax exemption
3. Manufacture of medicine 5-year corporate income tax
4. Manufacture of body care products, such as soap, shampoo, toothpaste, cosmetics 8-year corporate income tax exemption
Exclusively for investments in the Special Economic Zones (in 10 boarder provinces)
Professional Healthcare Services include:
Activities Incentives e.g.
1. Health rehabilitation centers Exemption of import duties on machinery
2. Medical services, such as traditional Thai healthcare services, special medical centers, hospitals, transportation services for patients, doctors, or medical equipment (maritime, land or air transport) 5 to 8-year corporate income tax exemption
In order to boost the Medical Industry 4.0, the BOI has launched measures to promote a great variety of business activities related to the medical industry e.g. manufacturing of medicine, medical food, supplements, medical gowns, caps, masks, gauze pads and cottons and traditional Thai healthcare services etc.
Moreover, in order to profoundly promote the medical industry 4.0, promoted projects, which have integrated biotechnology in the production processes of medicine, nutrient-dense medical food, etc. will receive a 10-year corporate income tax exemption without any tax exemption cap
For further information, please contact the BOI head office and BOI’s seven regional offices