The Bill allows promoted companies to receive cash refunds for unused tax credits, which are treated as income for Pillar 2 purposes, ensuring no adverse effect on the effective tax rate. QRTCs cover investments in R&D, advanced skills, production efficiency, and sustainable projects.
The Thai Cabinet provisionally approved the draft National Competitiveness Enhancement for Targeted Industries Bill, introducing Qualified Refundable Tax Credits (QRTCs) under the Pillar 2 Global Minimum Tax (GMT) framework.
This announcement was made by the Thailand Board of Investment on 3 September 2025.
The Bill allows promoted companies to receive cash refunds for unused tax credits, which are treated as income for Pillar 2 purposes, ensuring no adverse effect on the effective tax rate. QRTCs cover investments in R&D, advanced skills, production efficiency, and sustainable projects.
The Commission on the National Competitiveness Enhancement for Targeted Industries Policies, with the Thailand Board of Investment (BOI) as secretariat, approved amendments to the 2017 Act to add new rights and investment incentives aligned with the OECD GMT. The amendment will be forwarded to the Cabinet for final approval, while the Revenue Department will adjust tax regulations to implement QRTCs in compliance with OECD standards.
Since the GMT came into effect on 1 January 2025 for multinational companies with consolidated revenues above EUR 750 million, around 1,500 companies in Thailand—mostly foreign, with roughly 100 Thai firms—are affected. The BOI expects QRTCs to mitigate these impacts and boost investor confidence.
The Commission also approved revised measures to promote high potential startup enterprises operating from the Pre-Series A to Series A level with a focus on the development of deep tech in sectors in which Thailand has a strong potential, such as agriculture and food, biotechnology, robotics and automation, AI technology, medical technology, and green industries.
Qualified Thai startups with high growth potential may receive cash support of up to THB 20 million (USD 620,000) in the form of matching funds. The policy aims to help increase the country’s competitiveness and help foster an economy driven by technology and innovation.
“These changes to the legislative and regulatory framework are significant steps in building confidence from global investors,” said Narit Therdsteerasukdi, Secretary General of the BOI, “The new global tax competition rules present a significant opportunity to attract quality investments to enhance our R&D capabilities, develop a qualified workforce, and creating an ecosystem conducive for tech investment in the country.”
