The Board of Investment of Thailand has approved a plan to support companies that manufacture components of electric and battery vehicles.

Illustrative image (Source: VNA)

Three types of cars will receive support, including hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEV). It could be travel cars, trucks and buses, as investment incentive will base on manufacturing technology.

Accordingly, HEV and PHEV manufacturers will be exempted from machine customs, while PHEV manufacturers will also be spared from corporate income tax in three years. Besides, if more than one important part of the car is produced, taxes for each part will be lifted for six years.

Meanwhile, BEV manufacturers will be exempted from machine customs and corporate income tax from five to eight years, and if more than one important part is produced, taxes for each part will be removed in no more than 10 years.

(Source: VNA)