Progress of high-speed rail linking 3 airports has accelerated the delivery of more than 86% of the area, expected to be operational by 2025
Image source : https://www.pexels.com/photo/white-electric-train-2169286/
The high-speed rail project is a joint venture between the public and private sectors to connect Don Mueang, U-Tapao and Suvarnabhumi airports worth more than 250,000 million baht. It is an infrastructure development to attract investors to the EEC area, generating up to 16,000 jobs throughout the construction period and more than 100,000 related businesses. The expected return on investments for this time is 650,000 million baht.Latest progress, more than 86% of the construction area obtained by expropriation and demolition have been delivered. The rest is in the process of contracting with the SRT to continue the legal process, which is expected to be completed by September 2021. The contracting parties from the private sector have begun to design and prepare office buildings, workers' houses, construct roads and temporary bridges in preparation for construction, as well as some foundries for runway structures. It is expected to be completed in 2025 according to the accelerating plan.
Expected benefits from investing in business in the EEC area
For investors who are interested in joining the business and investing in the EEC industrial estates and industrial parks, aside from being convenient in terms of investment promotion, they also receive various benefits as follows:
1. If there is human resource development:
The right to reduce corporate income tax on net profit received from the investment of 50% of the normal rate for 3 years for businesses under A1-A2-A3 group and an additional 2 years for activities in category 8 and support for the development of targeted technology in category 8.
2. Divided by project location as follows:
• Genomics Medical Promotion Zone, Burapha University (Bangsaen)
• Digital Industry and Innovation Promotion Zone (Digital Park Thailand or EECd)
• Eastern Airport City (EEC-A)
• Eastern Economic Corridor of Innovation (EECi)
• Comprehensive Medical Innovation Center, Thammasat (Pattaya) (EECmd)
Benefits: 2 years of corporate income tax reduction on net profit derived from investments at the rate of 50% for businesses under A1-A2-A3 group and an additional year in category 8 businesses and support for the development of targeted technology in category 8. If the project is located in industrial estates or promoted industrial zones in Rayong, Chachoengsao, and Chonburi provinces, they will be entitled to an additional 1-year corporate income tax exemption according to the criteria in the Board of Investment Announcement No. 2/2014 dated December 3, 2014. For more details, investors can follow and check the website of the Board of Investment (BOI) and the Industrial Estate Authority of Thailand (IEAT).
The enterprise must be in the area of Rayong, Chonburi and Chachoengsao provinces only.
Benefits: 2 years of corporate income tax reduction on net profit derived from investments at the rate of 50% for businesses under A1-A2-A3 group and an additional year in category 8 businesses and support for the development of targeted technology in category 8. If the project is located in industrial estates or promoted industrial zones in Rayong, Chachoengsao, and Chonburi provinces, they will be entitled to an additional 1-year corporate income tax exemption according to the criteria in the Board of Investment Announcement No. 2/2014 dated December 3, 2014. For more details, investors can follow and check the website of the Board of Investment (BOI) and the Industrial Estate Authority of Thailand (IEAT).
For investors who wish to receive promotion and tax rights in catergory 8 enterprises, targeted technology developments include:
- Category 5.6 Electronic Design Business
- Category 7.11 Research and Development
- Category 7.13 Engineering design service business
- Category 7.14 Scientific testing services
- Category 7.15 Calibration Service Business
- Category 7.19.1 vocational training facility business
The enterprise must be in the area of Rayong, Chonburi and Chachoengsao provinces only.
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