EECO plans to offer the highest privileges of up to 15 years

Chatrudee Theparat

The highest privileges up to 15 years of corporate tax exemption for investment in EEC is offered to lure more investment.

The Eastern Economic Corridor Office (EECO) plans to offer the highest privileges of up to 15 years of corporate tax exemption to investors in EEC on January 1, 2024, according to Chula Sukmanop, secretary-general of the Eastern Economic Corridor Office (EECO).

Under its privileges, EEC will consider from investment projects among 12 s-curved industries, investment timeframe, an importance of projects to supply chain and valued chain, a scale of investment, using domestic raw materials, level of technology and technology transfer, and assist measures to nearby community.

Currently, the Board of Investment offers an exemption for corporate tax for 13 years, and additional two years exemption under the law of the Strengthening Competitiveness Fund which supervised by the BoI.

He said the EECO also plans to offer EEC Visa for investment in high technology including four type visas; specialist (EEC Visa-S); executive (EEC Visa-E); professional (EEC Visa-P); spouse and followers (Visa-O) on January 1, 2024, with
maximum 10 years.

Those investors will be allowed to hold the “EEC work permit, along with paying a flat rate of 17 % of income tax.

“The agency expects to complete a draft of the announcement on privileges, type on industries and visa within this month. The drafts of announcement will be discussed in the next EEC meeting in December and later for cabinet’s approval. It is expected to take effect on January 1, 2024.”

He said a one-stop service center in Chonburi will be established in early next year in order to handle on EEC visa and work permit.

The EEC Policy Committee, chaired by Deputy Prime Minister and Commerce Minister Phumyham Wechayachai, also approved a draft of EEC Development plan (2023-2027)

The objective of the plan is to achieve a goal to bring in a total investment of 500 billion baht, fostering new investments valued at 100 billion per annum, and EEC’s GDP to expand 6.3%.

He said currently real investment is valued at 70 billion baht a year. The agency plans to attract more investors to invest to meet 100 billion baht per year as expected.