The cabinet has approved a second one-year extension to the tax measure supporting start-ups in 10 target industries.
The measure had already been extended once in 2016, to the end of this year. The new extension will allow businesses to apply for registration in 2018.
The extension is necessary as few companies have been qualified to take advantage of the incentive since its launch in 2015, said government spokesman Lt Gen SansernKaewkamnerd.
Ninety-two companies applied but only 32 were approved by the National Science and Technology Development Agency (NSTDA). Of the qualified candidates, only 23 opened shop and benefited from the scheme.
Approved businesses will be exempted from corporate income tax for five years.
Qualified start-ups must be certified by the NSTDA, which decides whether they are in the 10 promoted industries. They must also have potential to achieve 30 million baht in annual sales of goods and services. Around 80% of their revenue must come from business operation, not asset sales, and their registered capital must not exceed 5 million baht.
The 10 target industries are modern automotive; electronics; high-end tourism and health tourism; biotechnology and agro-industry; food processing; robotics; aviation and logistics; biofuels and biochemicals; digital and integrated medical services.
