Bangkok (VNA) – Thailand’s Government has approved incentives to spur private investment of 110 billion THB (about 3.56 billion USD) and add 0.25 percent to economic growth in 2020. The measures include a corporate income tax deduction of 2.5 times expenditure on machinery, a one-year tax exemption for importing new machinery, and special-rate loans offered by the Export-Import Bank of Thailand for exporters to alter their machinery for export. The tax measures apply to new machinery purchased from Jan 1 to Dec 31, 2020. The 2.5-time tax deduction is not applicable to leased machinery. The measures are estimated to cost the government 8.6 billion THB in forgone tax revenue, said Narumon Pinyosinwat, a government spokeswoman. According to Narumon, the cabinet has approved a 350-million-THB budget to compensate Exim Thailand for the special interest rates. The Thai Finance Ministry said the fresh measures are essential to stimulate private investment and the local … [Read more...] about Thai government approves measures to stimulate private investment
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