Corporate income tax at Thailand's SEZs cut by half for 10 years

BANGKOK, May 14 (TNA) - The Thai Cabinet has resolved to cut the corporate income tax imposed on business firms running investment projects at the country's special economic zones (SEZs) by half for 10 accounting years. Spokesman to the Thai deputy prime minister for economic affairs Nattaporn Jatusripitak told journalists that the Cabinet, at its weekly meeting at Bangkok's Government House on Tuesday, gave the green light on cutting the corporate income tax imposed on business firms, established at the country's border SEZs, from 20 per cent annually to 10 per cent annually, as proposed by the Thai Ministry of Finance. The spokesman said business firms being eligible for the 50-per cent-corporate income cut for their 10 consecutive accounting years are those being approved to run their investment projects at the country's border SEZs during January 1, 2018-December 30, 2020. The spokesman stated that the government will lose its revenue by about 4 million baht totally from the measure, in return for an increase in the production of goods and services at the country's border SEZs. The spokesman acknowledged that new tax incentive measure should not only boost Thailand's cross-border trade with neighboring countries, but also promote the Thai Kingdom as an economic hub in the ASEAN Economic Community (AEC) in the foreseeable future. (TNA)