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Tax Incentive for New Start Up business in Thailand
On 21st April 2016, Royal Decree (No. 602), by the Government’s resolution, was promulgated in order to support and promote the Small and Medium Enterprises (“SMEs”) which uses technology and innovation in the target activities for driving an economy, building a strength and increasing the competitive ability of Thailand.
Thus, a corporate income tax exemption on profit derived from target activities for the five accounting periods will be provided to the company or juristic partnership which established between 1st October 2015 and 31st December 2016 with the registered paid-up capital on the last day of the accounting period of not more than THB 5 million and its income for the sale of goods and service must not exceed THB 30 million, moreover, not less than 80% of its total income must derive from the sales of goods and/or service in “New Engine of Growth” business or from the connected business thereof.
To be eligible for this exemption, the operator must register to be “New Start Up” with Revenue Department within 31st December 2017.
What is New Engine of Growth business?
New Engine of Growth business is the industrial business which technological base will be used for producing and providing service and those business shall be certified by National Science and Technology Development Agency (“NSTDA”). The following are the industrial businesses which are entitled to obtain the tax incentives.
- Food and Agriculture
- Saving energy, Producing of alternative and clean energies
- Biotechnology Base
- Medical and Public Health
- Tourism, Service and Creative Economy
- Advanced Materials
- Textile, Garment and Decorations
- Automotive and Parts
- Electronic, Computer, Software and Information Service
- Research, Development and Innovation or New Industrial
Below is the example of “technologies” which are based for producing and providing service in the target activities.
| No. | Technology | Type of business which can be applied |
| 1 | 3D Printing Technology/ Rapid Prototyoing |
– Medical and Public Health – Tourism, Service and Creative Economy – Advanced Materials – Automotive and Parts – Research, Development and Innovation or New Industrial |
| 2 | Adsorption Technology |
– Saving energy, Producing of alternative and clean energies – Automotive and Parts |
| 3 | Advanced Bioprocessing Technology |
– Food and Agriculture – Saving energy, Producing of alternative and clean energies – Biotechnology Base – Medical and Public Health |
| 4 | Advanced Catalyst Technology |
– Saving energy, Producing of alternative and clean energies – Advanced Materials |
| 5 | Advanced Materials Forming Process |
– Advanced Materials – Electronic, Computer, Software and Information Service – Automotive and Parts |
| 6 | Artificial Intelligence Technology |
– Tourism, Service and Creative Economy – Electronic, Computer, Software and Information Service |
| 7 | Automation Technology |
– Medical and Public Health – Automotive and Parts – Food and Agriculture – Electronic, Computer, Software and Information Service |
| 8 | Big Data Analytics Technology |
– Biotechnology Base – Electronic, Computer, Software and Information Service |
| 9 | Bio-Analytical |
– Medical and Public Health – Biotechnology Base |
| 10 | Biodegradable Materials Technology |
– Advanced Materials – Medical and Public Health |
| 11 | Bioinformatics |
– Food and Agriculture – Biotechnology Base |
| 12 | Biomaterial Production Technology |
– Medical and Public Health – Biotechnology Base |
| 13 | Cell Culture and Tissue Engineering Technology |
– Medical and Public Health – Biotechnology Base |
| 14 | Cleaner Technology |
– Saving energy, Producing of alternative and clean energies |
| 15 | Composite Materials Technology |
– Advanced Materials – Automotive and Parts |
| 16 | Decentralized Sequential Transaction Database |
– Tourism, Service and Creative Economy – Electronic, Computer, Software and Information Service |
| 17 | Digital Engineering and Manufacturing Technology | – Advanced Materials
– Automotive and Parts – Research, Development and Innovation or New Industrial |
| 18 | Drug Delivery System |
– Medical and Public Health – Food and Agriculture |
| 19 | Electric Vehicle Technology |
– Automotive and Parts – Saving energy, Producing of alternative and clean energies |
| 20 | Embedded Technology |
– Electronic, Computer, Software and Information Service |
| 21 | Energy Storage |
– Saving energy, Producing of alternative and clean energies |
| 22 | Functional Materials Technology |
– Textile, Garment and Decorations – Automotive and Parts – Electronic, Computer, Software and Information Service – Food and Agriculture |
| 23 | Gene and Molecular Technology |
– Food and Agriculture – Medical and Public Health – Biotechnology Base |
| 24 | Genetic Engineering Technology |
– Food and Agriculture – Biotechnology Base |
| 25 | Human Computer Interaction Technology/ Brian Computer Interface |
– Electronic, Computer, Software and Information Service – Medical and Public Health – Tourism, Service and Creative Economy |
| 26 | Internet of things Technology |
– Food and Agriculture – Saving energy, Producing of alternative and clean energies |
| 27 | Material Characterization Technology |
– Medical and Public Health – Food and Agriculture – Research, Development and Innovation or New Industrial |
| 28 | Membrane Technology |
– Saving energy, Producing of alternative and clean energies – Medical and Public Health – Food and Agriculture |
| 29 | Metrology, Standardization, Testing Quality Assurance (MSTQ) related Technology |
– Research, Development and Innovation or New Industrial |
| 30 | Nano-Characterization and Testing |
– Medical and Public Health – Food and Agriculture – Research, Development and Innovation or New Industrial – Electronic, Computer, Software and Information Service |
| 31 | Nano-encapsulation |
– Medical and Public Health – Food and Agriculture |
| 32 | Nanofiber Technology |
– Textile, Garment and Decorations – Advanced Materials |
| 33 | Nanomaterials Syntheses | – Saving energy, Producing of alternative and clean energies
– Medical and Public Health – Food and Agriculture |
| 34 | Nanostructure Fabrication (Top down, Bottom up) |
– Advanced Materials – Electronic, Computer, Software and Information Service – Saving energy, Producing of alternative and clean energies – Research, Development and Innovation or New Industrial |
| 35 | Natural Language Processing Technology |
– Electronic, Computer, Software and Information Service |
| 36 | Omics Technology |
– Medical and Public Health – Food and Agriculture – Biotechnology Base |
| 37 | Photonics & Optical Technology |
– Electronic, Computer, Software and Information Service |
| 38 | Pre-Clinical & Clinical Testing Technology |
– Medical and Public Health – Research, Development and Innovation or New Industrial |
| 39 | Photovoltic Technology |
– Saving energy, Producing of alternative and clean energies |
| 40 | Printed Electronics and Organic Electronics |
– Medical and Public Health – Food and Agriculture – Electronic, Computer, Software and Information Service – Textile, Garment and Decorations |
| 41 | Robotics Technology |
– Medical and Public Health – Food and Agriculture – Electronic, Computer, Software and Information Service – Automotive and Parts |
| 42 | Sensor Technology |
– Medical and Public Health – Food and Agriculture – Electronic, Computer, Software and Information Service – Automotive and Parts – Saving energy, Producing of alternative and clean energies |
| 43 | Smart Grid |
– Electronic, Computer, Software and Information Service – Automotive and Parts – Saving energy, Producing of alternative and clean energies |
| 44 | Software Testing Technology |
– Electronic, Computer, Software and Information Service – Tourism, Service and Creative Economy |
| 45 | Surface Coating/ Surface Engineering Technology |
– Food and Agriculture – Electronic, Computer, Software and Information Service – Automotive and Parts – Textile, Garment and Decorations |
| 46 | Thermal Solar Technology |
– Saving energy, Producing of alternative and clean energies |
| 47 | Virtual & Augmented Reality Technology |
– Electronic, Computer, Software and Information Service – Tourism, Service and Creative Economy |
| 48 | Waste Treatment Technology |
– Saving energy, Producing of alternative and clean energies |
| 49 | Werable Technology |
– Medical and Public Health – Electronic, Computer, Software and Information Service |
| 50 | Wind Energy Technology |
– Saving energy, Producing of alternative and clean energies |
Please contact Juslaws & Consult at bangkok@juslaws.com for further information and details.
