SUNDAY, April 14, 2024

EEC approves 10-year visa, work permit, 17% flat tax for foreigners

EEC approves 10-year visa, work permit, 17% flat tax for foreigners

The Eastern Economic Corridor has approved the EEC visa and work permit for foreigners, imposing a flat income tax rate of 17% aimed at boosting investments.

The visa will have a maximum duration of 10 years, following the duration of the employment contract, and can be used unlimited number of times, starting from January 1, 2024.

Deputy Prime Minister and Commerce Minister Phumtham Wechayacha on Friday (November 24) said after chairing the EEC Development Policy Committee meeting that they had approved the inspection and stamping of temporary stay visas, known as the EEC Visa, for foreign investors. This is the first time such benefits under the EEC office's laws have been granted to foreign investors.

It allows specific modern industrial business operators who are environmentally friendly to invest in the EEC area by bringing in foreign workers under the EEC Visa, categorised into four types:

Specialists: EEC Visa "S"

Executives: EEC Visa "E"

Professionals: EEC Visa "P"

Spouses and dependents: EEC Visa "O"

Significant benefits include automatic issuance of the EEC work permit, a flat income tax rate of 17% for individuals, a maximum visa duration of 10 years following the employment contract duration, unlimited usage, online reporting options, and a special fast-track channel at international airports throughout Thailand, starting from January 1, 2024.

Additionally, the meeting also approved guidelines for granting benefits to business operators within the special economic promotion zone, currently drafting a notification by the EEC Office to specify benefits for business operators, focusing on five key principles: innovation in public service delivery, consideration of benefits to be received, assessment of granting benefits, collaboration between agencies and monitoring and evaluation.

During negotiations for benefits with business operators the committee would consider various factors, such as the type of targeted special industrial sector, investment plans, commencement date of investment or business operations, business importance to the supply chain and value chain, investment value used in business operations, utilisation of resources in the country, technological level used in business operations, knowledge transfer, and assistance to surrounding communities, Phumtham said.