The Board of Investment (BOI) yesterday approved tax incentives to promote production of three types of electric cars in the country.
BOI secretary general Ms Hirunya Suchinai said promotion were approved for applications for production of hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles.
She said production of hybrid electric vehicles and plug-in hybrid electric vehicles must be made this year and those for battery electric vehicles by 2018, according to the Bangkok Post.
Industry Minister Uttama Savanayana said the scheme, aimed at attracting demand for environmentally friendly vehicles, will be submitted for cabinet approval next Tuesday.
The government expects the production of electric vehicles could start within five years.
Among the incentives proposed for government approval is exemption of import duty on machinery, corporate income tax relaxed for 10 years.
The government expects that investment and production of electric vehicles will be kicked off within five years and the domestic and overseas sales are targeted to reach 30 per cent within 10 years.
Moreover, the use of electric vehicles will be promoted at eco-tourist sites, at government agencies and at the East Economic Corridor areas.
Source: Thai Public Broadcasting Service (Thai PBS)