Thailand aims to become biological centre of ASEAN

Bangkok (VNA) - The Thai
cabinet has approved an extension of a 25 percent corporate tax exemption for
bio-plastic companies in order to promote Thailand as a biological hub of the Association
of Southeast Asia Nations (ASEAN).
The measure was first
implemented on January 1, 2019, and expired on December 31 last year. It was put in place to support
private companies to purchase bio-plastic products from Thai producers and
promote bio-plastic production in Thailand.
In 2020, there were 14
companies eligible for the tax exemption worth 18.3 million baht (544,000 USD).
Deputy government spokeswoman Rachada Dhnadirek said the measure does not only reduce tax for companies
engaged in the bio-plastic industry but also supports the government's policy to promote
a bio-circular and green (BCG) economy.
Early last year, the Thai
Government approved the Strategic Plan for the development of the BCG economy for the 2021-2026
period to boost the country's economic growth over the next five years.
The national development strategy based on this
BCG model includes four areas namely agriculture and food; health care and
medical services; energy and biochemistry; and tourism and the creative
economy. The BCG Committee has established seven subcommittees to work on
promoting development, improving regulations, and attracting real investment./.