Thailand Board of Investment (BOI) has approved improved incentives for the country’s electric vehicle (EV) sector as well as supporting infrastructure, primarily charging stations
According to the changes, smaller and compact EV charging stations qualify for a three-year-period tax relief. This amendment is in addition to a five-year company tax break available for investment in charging infrastructure with at least 40 chargers, out of which, at least one-fourth of them are DC chargers. Furthermore, the BOI has removed the requirement for ISO certification as well as a restriction that prevented investors from receiving additional advantages from other agencies. Investing in EV charging tech has also been made easier. EV Smart Charging System investors can either submit an implementation plan or connect to the EV Charging Network Operator Platform. Total investments in the EV sector between January and March 2022 totalled approximately THB42 billion. The revisions are expected to support the Government of Thailand’s goal for EVs to account for 30 per cent of the country’s total automotive manufacturing by 2030.