Thai Bits Samui Opens July 15th, Commerce Creates A New SME Loan, BOI Wants New Special Econimic Zones

Samui set to reopen July 15

Around 8,000 foreigners have applied for a Certificate of Entry (COE) at Thai embassies and consulates worldwide since the Phuket sandbox plan began last week.
COE applications for the Samui Plus plan will be accepted after approval by the Centre for COVID-19 Situation Administration (CCSA) is made and published in the Royal Gazette. Koh Samui, Koh Phangan, and Koh Tao will be part of the program and will open on July 15, 2021.
The program will be terminated immediately if 20 or more new Covid-19 cases are detected in one week from untraceable clusters. In the first three days, guests are allowed to leave their hotel rooms for designated hotel areas.
During days 4 through 7, they can only travel within designated routes and on tour programs on Koh Samui. After day 8, they can travel freely within Koh Samui, Koh Phangan, and Koh Tao. On day 15, they will be able to travel anywhere in Thailand.

Thai Commerce Ministry Launches A Loan For SMEs

The Commerce Ministry recently launched a loan matching scheme for export-orientated small and medium-sized enterprises (SMEs) which are facing tight liquidity because of the Covid-19 pandemic.
The Commerce Ministry has teamed up with the Export-Import Bank of Thailand (Exim Bank) and Thai Credit Guarantee Corporation (TCG), will help enable small-scale exporters to access soft loans and increase their income from exports. The interest rate is 3.99% per year, lower than the regular 6.5% and collateral is not required. The loan applications will take only seven days instead of the usual 30 days. Exports could grow 10 percent this year and are expected to see 7 percent growth year on year in the third quarter.
The loan matching project is the second such scheme – a program was launched last to a month to give restaurants that sell food through online delivery platforms easily access soft loans. The six financial institutions were — Small and Medium Enterprise Development Bank of Thailand, the Krungthai Bank, the Government Savings Bank, the Islamic Bank of Thailand, the Bank for Agriculture and Agricultural Cooperatives, and Thai Credit Guarantee Corporation.

BOI Creates New Special Economic Zones

The Board of Investment (BOI) is encouraging businesses to start production in Narathiwat, Pattani, Yala, and Satun provinces, and in four districts in Songkhla Province, or in Special Economic Zones.
Construction materials, body care products, plastic products for consumer goods, pulp or paper products, and building development for industrial plants or warehouses are now eligible for special promotion privileges.
Thailand has ten Special Economic Zones, located in Tak, Sa Kaeo, Trat, Mukdahan, Songkhla, Chiang Rai, Nong Khai, Nakorn Phanom, Kanchanaburi, and Narathiwat. Incentives for companies setting up in these areas include a three-year additional exemption of corporate income tax (CIT), not exceeding 8 years in total, 10-year double deductions from the costs of transportation, electricity, and water supply, a 25% deduction of the cost of installation or construction of facilities (apart from normal depreciation deduction), exemption of import duties on machinery, exemption of import duties on raw and essential materials used in manufacturing for export for a period of 5 years. Non-tax incentives include permission to own land, permission to hire foreign experts, and permission to hire foreign unskilled labor.

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