Thailand Tax Agency Announces Cabinet Approval to Further Extend Deduction for Foreigners Relocating Production

The Thai Revenue Department March 7 issued News No. 17/2023, announcing Cabinet approval of a draft royal decree to further extend the tax deduction for foreign investors relocating production bases to Thailand, to Dec. 31, 2025, from Dec. 31, 2022. The draft decree includes measures to allow the deduction of expenses paid from Jan. 1, 2023, in amounts of: 1) twice the amount of expenses incurred in investing in systems automation; 2) 1.5 times the expenses incurred in hiring highly-skilled personnel; and 3) 2.5 times the expenses incurred in developing these personnel. [Thailand, Revenue Department, 03/07/23]

Reference: View News No. ...