Thailand moves to attract foreign investments
The changes in law will also cover foreign workers, excise tax, city planning, biodiversity, the movie and video business, and energy sector, including infrastructure and alternative energy.
The government is targeting to achieve at least 85% of the proposed revisions under its “regulatory guillotine” scheme next year, said a government source.
The Public Sector Development Commission has led the mission to make doing business in Thailand much easier than it is today.
The current laws and related regulations have burdened businesses and consumers to a tune of about Bt142 billion (US$4.7 billion) annually.
The Thailand Development Research Institute projects that the revisions of laws and regulations would lower annual costs by 55.2% or Bt133 billion (US$4.4 billion) for consumers and 22.4% or Bt9 billion (US$299 million) for businesses.
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The government is hoping these revisions will help lift Thailand in the World Bank’s “Ease of Doing Business” rankings from its current 21st place into the top 10.
Foreign and local businesses have long complained about cost burdens stemming from complying with Thai bureaucracy, but the government has been slow to deregulate. Foreign investors have pressed for “friendlier” laws on immigration, foreign business and tax, said The Nation Thailand.