On April 23, Jiangsu General Science Technology Co., Ltd. announced that it had recently received an official document from Thailand Board of Investment (BOI) that its subsidiary in Thailand would enjoy 100% income tax reduction and exemption within 8 years.
The Thai subsidiary of Jiangsu General Science Technology Co., Ltd. received the Promotion Certificate of the Board of Investment issued by the BOI, which will exempt the company from corporate income tax not exceeding the total investment, which is estimated to be USD 300 Million for the Thai subsidiary of Jiangsu General Science Technology Co., Ltd. After the expiration of the eight-year preferential period, the Thai plant will receive additional rights and interests, and within three years after the expiration, the Thai plant will only pay 50% of the normal corporate income tax rate.
The Thai plant of this company had been completed 3% by the end of March and is expected to start trial production in December 2019. According to the investment plan, the new plant is designed to have an annual production capacity of 1 million full-steel radial tires and 6 million semi-steel radial tires.
(Si Xianchao)
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