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The EEC is designated for the geographical area covering 3 provinces in the Eastern Seaboard of Thailand. They are Chacheongsao immediately east of Bangkok, and Chonburi and Rayong a bit further east of Bangkok. The public and private sectors can set up special economic promotion zones (“SEPZ”) in the EEC. Premium tax and non-tax incentives are provided to the approved investment projects located in the EEC.
The inaugural event will present major business platforms to showcase the latest cutting-edge technologies in industrial robotics, automation, and maintenance solutions and bring together decision makers and entrepreneurs from across the EEC who are engaging in manufacturing, maintenance & safety in industrial plants, government offices, local municipalities, transportation, and construction.
The qualified projects located in the EEC will receive better incentives than the normal BOI incentives. Foreign investors can hold 100% shares in companies set up to invest in the EEC. Land ownership, and a land lease for 50 years plus a renewal for 49 years are also possible.
The premium tax incentives include the CIT exemptions for 5 to 10 years plus the additional tax exemptions up to 2 years and the additional 50% tax deductions up to 3 years for projects related to development of the targeted industries, or projects in Group A1, A2 or A3 if such projects provide HR development or are located in the specific industry or targeted industry promotion zones.
As of May 2021, there are 6 promotion zones for the specific industries, 21 promotion zones for the targeted industries, 2 promotion zones for the specific targeted industries (clusters) and several industrial estates and industrial parks in the EEC.
The constructions of a large number of the infrastructure projects have already been commenced. These projects include the deep sea-ports, the U-Tapao International Airport, and the high-speed train and dual-track railway projects linking the EEC with Bangkok and the other regions of Thailand.
The EEC has designated 12 targeted industries. These are: the next generation automotive, smart electronics, medical tourism, agriculture and biotechnology, food for the future, robotics, aviation and logistics, biofuels and biochemicals, digital technology, medical hub, defense industry, and education and human resources development.
Source: https://www.lawplusltd.com
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