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Updated Reductions and Exemptions of Tax and Uses and Production of Electric Vehicles by EY Thailand

Regarding the Cabinet meeting on 14 September 2021, which approved a long-term resident visa (“LTR Visa”) for high potential foreigners in four categories, namely below

  1. Wealthy global citizens
  2. Wealthy pensioners
  3. Work-from-Thailand professionals, and
  4. The high-skilled professionals

On 22 February 2022, the Cabinet approved a draft Royal Decree regarding tax reductions and tax exemptions for the holders of LTR Visas, as summarized below.

Moreover, on 15 February 2022, the Cabinet approved measures proposed by the National Electric Vehicle Policy Committee (the “Committee”), in accordance with the resolutions of the Committee’s meetings No. 3/2564 and 1/2565, to promote the use and production of electric vehicles (EV) in Thailand. These measures will be funded by 3 billion baht from the central budget in the fiscal year 2022, with the Cabinet also agreeing in principle to provide a further budget of 40 billion baht for the fiscal years 2023-2025.

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