Thai cabinet extends tax holiday to encourage use of biodegradable plastics

  • 2022-04-07

On April 5, the Deputy Spokesperson of the Prime Minister's Office, Ms. Lechada, revealed after the Cabinet meeting that the Cabinet approved the extension of tax measures to promote biodegradable plastic products. Starts December 31, 2021 and ends December 31, 2024.

The Ministry of Finance has proposed a draft royal decree on tax exemptions under the Tax Code, which essentially exempts companies or corporate partnerships from corporate income tax.
25% of spending on the purchase of degradable plastic products, manufacturers based on the declared type and product certification from the Office of Industrial Economics, valid from January 1, 2022 to December 31, 2024, to continue promoting biodegradable plastics product usage and achieve more tangible results.
While this tax measure will cost the government about 673 million baht in lost revenue annually in 2022-2024, it will go a long way in encouraging businesses to switch to biodegradable plastic products, help reduce the amount of non-degradable plastic waste, and reduce the The budget for tackling the remaining plastic waste will also help facilitate Thailand's goal of becoming an ASEAN bio-hub.

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