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Thailand Approves Enhanced Incentives To Encourage EV Use – By ASC


Smaller charging stations are now eligible for three -year tax benefits, additional incentives in addition to the five -year corporate income tax exemption available for investment in charging stations.

Thailand has expanded incentives to increase the use of electric vehicles (EVs), the investment promotion agency said on Thursday, as the country seeks to maintain its status as a major auto production hub in Southeast Asia.

Smaller charging stations are now eligible for three-year tax benefits, additional incentives in addition to five-year corporate income tax exemption available for investment in charging stations with at least 40 chargers, Duangjai Asawachintachit, head of the Investment Authority (BOI), told a news conference .

A condition that prevents investors from receiving additional benefits from other agencies, and a requirement for ISO certification has also been removed, he said.

The revised measure is “to ensure our incentives remain relevant in a rapidly changing business environment,” he said.

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

During the January-March period, total foreign and Thai investment applications, including for the auto industry, were worth 110.7 billion baht ($ 3.3 billion), down 6% from the previous year due to global geopolitical and economic challenges, 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, he said.

Among the 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.

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(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)

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