Incentive package to lure foreign investment for BEV project

The Finance Ministry is to propose to the cabinet this month a package of measures to attract foreign investments in the development and production of BEVs (battery electric vehicles) in the country.

Finance Minister Apisak Tantiworawong said Monday it was necessary for Thailand to come up with a package of incentives to lure foreign investors to invest in BEV project in the country as some countries in the region are equally enthusiastic to promote similar project and are wooing foreign investors.

Mr Apisak held a meeting on Monday to discuss the BEV project with relevant agencies, including the Board of Investment, the Industry Ministry and Excise Department.

The proposed incentives include 8 plus 5 years of corporate income tax exemption, tax privilege for investment in the production of rechargeable battery for electric cars and privilege for BEV investors to import fully-assembled BEVs for domestic sale with import tax and excise tax free for two-year period which BEV factory is under construction.