BoI approves enhanced incentives to boost EV use

BoI approves enhanced incentives to boost EV use

An electric vehicle charges at an EV charging station at Benjakitti Park, Bangkok, on March 21, 2022. (Photo: Apichart Jinakul)
An electric vehicle charges at an EV charging station at Benjakitti Park, Bangkok, on March 21, 2022. (Photo: Apichart Jinakul)

Thailand has expanded incentives to boost the use of electric vehicles (EVs), the Board of Investment said on Thursday, as the country looks to preserve its status as a major Southeast Asian auto production hub.

Smaller charging stations will now be eligible for three-year tax benefits, an extra incentive on top of a five-year corporate income tax exemption available to investments in charging stations with at least 40 chargers, BoI secretary-general Duangjai Asawachintachit told a news conference.

A condition that bars investors from receiving additional benefits from other agencies and a requirement for ISO certification have also been removed, she said.

The revised measures are "to ensure that our incentives stay relevant in a fast-changing business environment," she said.

Thailand is encouraging consumers to shift to EVs, with a goal of ensuring 30% of its total auto production output is EVs by 2030.

In the January-March period, overall foreign and Thai investment applications, including for the auto industry, were worth 110.7 billion baht, down 6% from a year earlier due to global geopolitical and economic challenges, Ms Duangjai said.

However, foreign investment pledges alone rose 29% to 77.3 billion baht in the January-March period, with Taiwan, Japan and China as the top three investors, she said.

Among targeted industries, the auto sector topped the list with an investment value of 41.6 billion baht, followed by agriculture and food processing with 12 billion baht, and electronics with 10.3 billion baht.


Do you like the content of this article?
COMMENT (1)

Rice exports could reach 8m tonnes despite floods

Thailand's rice exports could reach 8 million tonnes this year as flooding caused by Typhoon Noru has had little impact and a weak baht has helped overseas sales, the president of the Thai Rice Exporters Association said on Wednesday.

12:12

Beaten and robbed: Vietnamese fisherman recounts China attacks

LY SON (VIETNAM): Vietnamese fisherman Nguyen Van Loc has been attacked by Chinese coast guard vessels so many times, he has lost count.

11:45

Prawit sick, unable to attend cabinet meeting

Deputy Prime Minister Prawit Wongsuwon reported sick and was unable to attend Wednesday's cabinet meeting, which had been postponed from Tuesday.

11:32