On 8th January 2018, the Thailand Board of Investment ("BOI") issued two separate announcements that changed the conditions for the submission of the "Confirmation of Project Implementation" and "Annual Report" by promoted companies (the "Announcements").
Consequently, each BOI promoted company is required to comply with the conditions specified in the Announcements rather than the promoted company's individual BOI Certificate. As such, the following is now in effect:
- The conditions for submitting the "Confirmation of Project Implementation," which was previously required to be sent to the BOI after 6 months, 1 year, and 2 years, counting from the date of issuance of the promoted company's BOI Certificate, have been updated. The promoted company is now required to submit the "Confirmation of Project Implementation" to the BOI every February and July until the BOI issues the "License for Project Monitoring." If the promoted company obtained its BOI Certificate prior to issuance of the Announcements, then the promoted company is required to submit the "Confirmation of Project Implementation" from July 2018 onwards until the "License for Project Monitoring" is granted.
- Previously, once the "License for Project Monitoring" had been issued by the BOI, the promoted company was required to submit the Annual Report by 31st July of the following year. Now, however, the promoted company must submit the Annual Report to the BOI after the end of the accounting year but in any case by July of the following year, until the cessation of the promoted business.
Failure to comply with the foregoing conditions for two (2) consecutive years may result in the BOI revoking the rights and incentives obtained by the promoted company or cancelling the promoted company's BOI Certificate.
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