4. Investment Incentives
4.1 The Investment Promotion Act and the BOI
The Investment Promotion Act, B.E. 2520 (1977) provides the legal framework for investment incentives granted by the BOI. The BOI is responsible for promoting investment in Thailand. It has wide discretionary powers to encourage investment in areas considered to be the most beneficial to Thailand’s economic and social development. BOI incentives include (i) tax privileges, such as exemption of corporate income tax and exemption of import duties on machinery, and (ii) non-tax privileges, such as the right to own land and the right to bring in foreign experts. The members of the BOI include the Prime Minister (as chairman), the Minister of Industry (as vice-chairman), and other ministers or senior government officials, as appointed by the Prime Minister.