The Thai government has approved new tax measures to promote the adoption of large commercial electric vehicles (EVs), including buses and trucks, by businesses across the country. Announced by Deputy Finance Minister Julapun Amornvivat, the policy aims to encourage eco-friendly transportation and supports Thailand’s sustainability goals, reads a BP report.
Under the new measure, companies investing in commercial EVs will receive a corporate income tax exemption based on their expenses. The tax relief will apply from the date of the cabinet approval until December 31, 2025. Businesses investing in EVs manufactured or assembled in Thailand can deduct costs at twice the actual amount, while investments in fully imported EVs will be eligible for a 1.5 times deduction.
To qualify for these tax breaks, companies must submit a detailed investment project and payment plan for the electric vehicles they intend to purchase. The vehicles must also comply with the Department of Land Transport’s legal requirements and be newly manufactured. They cannot be involved in activities that already receive corporate income tax exemptions.
The tax incentive is part of Thailand’s broader strategy to introduce 10,000 commercial EVs, consisting of 6,000 electric buses and 4,000 electric trucks, by 2025. This initiative will enhance the country’s green transportation infrastructure while contributing to national efforts to reduce carbon emissions and improve air quality.
Bd-pratidin English/ Jisan
