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The measure was first applied on January 1, 2019, and expired on December 31 final 12 months. It was put in place to help non-public corporations to buy bio-plastic merchandise from Thai producers and promote bio-plastic manufacturing in Thailand.
In 2020, there have been 14 corporations eligible for the tax exemption value 18.3 million baht (544,000 USD).
Deputy authorities spokeswoman Rachada Dhnadirek mentioned the measure doesn’t solely cut back tax for corporations engaged within the bio-plastic business but additionally helps the federal government’s coverage to advertise a bio-circular and inexperienced (BCG) economic system.
Early final 12 months, the Thai Authorities permitted the Strategic Plan for the event of the BCG economic system for the 2021-2026 interval to spice up the nation’s financial development over the subsequent 5 years.
The nationwide growth technique primarily based on this BCG mannequin consists of 4 areas specifically agriculture and meals; well being care and medical companies; power and biochemistry; and tourism and the inventive economic system. The BCG Committee has established seven subcommittees to work on selling growth, enhancing rules, and attracting actual funding.
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