Cabinet approves changes to Investment Promotion Act
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The Cabinet Tuesday approved the draft amendments to the Investment Promotion Act as proposed by the Board of Investment.
The existing Investment Promotion Act has been in use since 1977.
The BoI says it has made sure that the new incentives and tax measures do not violate the World Trade Organisation’s regulations. The highlights in the new law are the tax exemption for the import of machinery and raw materials that are going to be used for research-and-development purposes and the exemption of corporate income tax for up to 13 years for targeted businesses, such as those focused on R&D and innovation.
