<Royal Decree No.695, exemption of Corporate Income Tax>
Royal Decree No.695 includes a temporary additional deduction of 150% for investments in machinery for business use (not renting/leasing) between 1 January and 31 December 2020, which is in addition to the usual deprecation.
- depreciable asset under general tax law;
- the machinery is ready for use by 31 December 2020;
- located in Thailand;
- no other incentives are claimed in respect of the machinery;
- the machinery is not used in a business that is exempt from corporate income tax;
- capital expenditure included but revenue expenditure not included
- prepare investment and payment plan and submit to Revenue Department (available for the subsequent application after the purchase) ;
- in case sales or disposal of machinery is done duaring the depreciation period, this decree is effective until end of the fiscal year sales or disposal is done.
(For procedures and conditions, please also see Notification Director General No.378)