Investment promotion for steel dust recycling business in Thailand
The Board of Investment of Thailand (BOI) approved investment promotion criteria for the steel-dust recycling business.
The major factors that the BOI would consider for promotion are as follow:
- Technology and environmental management including freight, stocking operations and proper waste disposal
- Proposal for incentives and corporate social responsibility activities such as scholarships and community development fund establishment
- Raw materials and marketing
However, only two most appropriate steel-dust recycling projects would be promoted by the BOI in order to match with the current local supply of steel dust which currently there are only 100,000 tons generated every year. Thus, if the amount of steel dust increases in the future, the BOI may consider approving more steel-dust recycling plants.
Interested investors shall submit project proposals to the BOI within 30 November 2012. The project proposals should include details related to the criteria and must accept the condition requiring that the raw materials used in their projects must be locally sourced only.
For investors who have already submitted applications, they have to amend their projects in order to comply with the new conditions. Amended proposals must be resubmitted within 30 November 2012.
Contact MSNA, English speaking BOI experts for Thailand BOI promotion, company registration and related business services.
Extended deadline on replacement machine import duty
The Thai BOI has decided to extend a flood relief measure on machinery replacement until 31 December 2012 allowing more than 150 companies in Pathum Thani and Ayutthaya to have access to this incentive and to help entrepreneurs who need assistance to renovate their facilities.
The Board considered that many BOI-promoted companies that had been seriously affected by the massive flood were preparing to make or were making decisions to apply for the investment incentives both for replacement of damaged equipment or as new investments.
As of 30 June 2012, the Board has found that the total number of projects receiving approval for import duty exemption for machinery replacement is 490 projects with the total imported machinery value of Baht 108.65 billion.
Further details of this extended flood relief measure have yet to be announced. Contact MSNA for expert advice on BOI promotion and Thai taxation.
Official fees and tax measures for Infrastructure Fund
Just recently, the Thai government has approved certain tax measures and official fees related to the funds to develop infrastructure projects. Here is a summary of these measures and fees:
- For the transfer of immovable property registration, either a transferor or transferee, the rate of official fee is 0.01% capped at Baht 100,000;
- For the registration of mortgage, the rate of official fee for the registrant is 0.01% capped at Baht 100,000;
- For the lease of immovable property registration whether a lessee, sub-lessee, lessor or sub-lessor, the rate of official fee is 0.01% capped at Baht 100,000;
- For the property rights with remuneration registration, the rate of official fee is 1%.
Although it has been approved, further details on the implementation of these measures and official fees have yet to be announced. Contact MSNA, English speaking accountants and tax experts for your accounting and tax business needs.
Trade and Investment Support Offices in Thailand
In Thailand, Trade and Investment Support Offices or TISO is one of the few ways on how foreigners can operate their service and trading companies and achieve 100% foreign ownership.
The Board of Investment can grant TISO incentive to foreign companies engaged with different types of services and trading in the country to help facilitate their business operations without the requirement of a Foreign Business License (FBL). Hence, a foreign company granted a TISO must still obtain a foreign business certificate which is less complicated than obtaining a FBL.
Some eligible activities allowed under the TISO incentive are as follows:
1. consulting services to affiliates
2. engineering services
3. export trading
4. Wholesaling, installation, maintenance, repairs of machinery & equipment, etc.
Some non-tax incentives are as follows:
- 100% foreign ownership
- Rights to own land for an office
- Visa & work permit support for foreign experts
Contact ThaiLawyers.com, experts in company registration, BOI promotion, Foreign Business License and visa & work permit in Thailand.