Business Reforms in Thailand
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Starting a Business: Thailand made starting a business easier by abolishing the requirement to obtain a company’s seal and eliminating the need for approval from the Labor Department of company work regulations.
Getting Electricity: Thailand made getting electricity easier by streamlining procedures through the implementation of a geographic information system, eliminating the external site inspection.
Registering Property: Thailand improved the reliability of its land administration system by implementing a geographic information system and by scanning maps for most of Bangkok.
Getting Credit: Thailand strengthened access to credit by adopting new legislation that broadens the scope of assets that can be used as collateral. Thailand now allows a general description of assets granted as collateral and allows the security interest to automatically attach to the proceeds of the original asset. It also establishes clear grounds for relief from a stay for secured creditors during reorganisation procedures and allows out-of-court enforcement of collateral.
Protecting Minority Investors: Thailand strengthened minority investor protections by making it easier to sue directors in case of prejudicial related-party transactions, increasing shareholder rights and role in major corporate decisions and clarifying ownership and control structures.
Paying Taxes: Thailand made paying taxes easier by introducing an automatic risk-based system for selecting companies for a tax audit. It also made paying taxes less costly by reducing the property transfer tax rate.
Enforcing Contracts: Thailand made enforcing contracts easier by introducing a system that allows users to pay court fees electronically. Thailand also reduced enforcement times by increasing the automation and efficiency of enforcement processes.
Resolving Insolvency: Thailand made resolving insolvency easier by changing the voting procedures for reorganization plans.
Starting a Business: Thailand made starting a business easier by creating a single window for registration payment and reducing the time to obtain a company seal.
Getting Credit: Thailand improved access to credit information by starting to provide credit scores to banks and financial institutions.
Resolving Insolvency: Thailand made resolving insolvency easier by introducing new restructuring for small and medium-size companies and by streamlining provisions related to company liquidation.
Dealing with Construction Permits: Thailand made dealing with construction permits less time-consuming by introducing a fast-track approval process for building permits for smaller buildings.
Paying Taxes: Thailand made paying taxes less costly for companies by reducing employers' social security contribution rate.
Starting a Business: Thailand made starting a business easier by allowing the registrar at the Department of Business Development to receive the company’s work regulations.
Paying Taxes: Thailand made paying taxes less costly for companies by reducing the profit tax rate.
Starting a Business: Thailand made starting a business easier by introducing a one-stop shop.
Registering Property: Thailand made registering property more expensive by increasing the registration fee.
Registering Property: Thailand made registering property more costly by repealing a 2-year temporary tax reduction for property transfers.
Paying Taxes: Thailand temporarily lowered taxes on business by reducing its specific business tax for 12 months.
Starting a Business: Thailand made starting a business easier by merging 2 registration procedures in a single application form.
Registering Property: Thailand reduced the cost to transfer property through provisional cuts in 2 taxes: the transfer fee and the specific business tax.
Protecting Minority Investors: Thailand strengthened investor protections by enhancing directors’ duties and increasing remedies in cases where related-party transactions harm the company.
Paying Taxes: Thailand made paying taxes easier and less costly for companies by encouraging electronic filing and payment, by introducing an exemption from corporate income tax for companies with taxable income not exceeding 1.2 million baht and concessionary rates for newly listed companies and by reducing the special business tax on property transactions as well as property transfer and mortgage fees.
Trading across Borders: Thailand reduced the time and number of documents for exporting and importing by upgrading the electronic data interchange system.
Trading across Borders: Thailand reduced the time required for trading across borders by implementing a system allowing electronic submission of customs declarations and simultaneous verification of data by different agencies.