BANGKOK: The Digital Economy and Society Ministry on Monday (Nov 20) incentivised smart city development by offering a 50% cut in corporate tax for three years.
DES Minister Prasert Chanthararuangthong announced the move during a seminar titled “Thailand Smart City 2024” at the Grand Hyatt Erawan Hotel in Bangkok.
Prasert said the Pheu Thai-led government was focused on developing provincial hubs into smart cities in seven fields – transport, energy, economy, citizen, living, public services, and the environment.
Each province will specialise in one or more of the fields to achieve carbon neutrality and earn the title of smart city. Companies that invest in a smart-city province will be eligible for a 50% corporate tax break for three years.
Thailand offers 50% tax cut to boost smart citiesMeanwhile, tax will be waived on goods or services purchased in smart cities via digital exchange, Prasert added.
The DES Ministry wants smart cities to become an engine of growth for the Thai economy.
Prasert said smart city development would also require input from local communities.
The DES Ministry will promote the Internet of Things and Big Data technologies to manage the environment, reduce pollution, and respond to natural disasters, he added. - The Nation/ANN
