Tax break to spur research and development in Thailand
24 March 2014
Posted by: Author: Mary Swire
Author: Mary Swire (Tax-News)
Together with the Ministry of Science and Technology and the Revenue Department, Thailand's National Science and Technology Development Agency (NSTDA) has launched an online expense certification service to help businesses to qualify for the 200 percent research and development (R&D) tax deduction.
The NSTDA believes that, so far, only a small proportion of the companies with R&D investments have requested tax exemptions, and that the main reason for their reticence is the inconvenience of the present system and concerns over whether their details would remain confidential.
With the availability of the online system that is "fast, provides data security, and is convenient and easy to monitor, with follow up and support," many more businesses are expected to claim the tax break. The new system will, in fact, reduce the time taken to approve a project to 1 or 2 months.
The NSTDA hopes the system will bolster the Government's policy of tripling R&D to around 1 percent of gross domestic product, or THB130bn (USD4bn), within the next three years.
This article first appeared on tax-news.com.