Thailand offers 50% tax cut to boost smart cities

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

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Thailand , smart , cities , tax


Next In Aseanplus News

DNB denies claims of impropriety over 5G rollout
Laos struggles to meet blood demand amidst soaring road accident cases in 2024
Asean chief says Cambodia makes great strides towards fostering region's peace, stability and economic prosperity
Malaysia exported 1.5 million arowana worth RM78mil in 2023, says Fisheries DG
Xi Jinping orders biggest Chinese military reorganisation since 2015
Sabah’s air quality unaffected by Mt Ruang eruption, says state Health Dept director
KLIA shooter was collecting medical report for new job in Saudi, say cops
Travellers to and from Singapore carrying over S$20,000 must submit online declaration from May 13
China FM Wang Yi confident of better cooperation with Indonesia after high-level dialogue
Taylor Swift praised for ‘most personal’ album to date

Others Also Read