The government plans to improve key laws and regulations regarding immigration, business, and other sectors in the coming year in order to draw more foreign direct investment.
It was reported that the revisions would cover foreign workers, excise tax, biodiversity, city planning, the movie and video industry, and the energy sector, including infrastructure and alternative energy.
According to a government source, authorities aim to achieve at least 85 percent of the revisions targeted under its regulatory guillotine scheme in 2021. The Public Sector Development Commission has been in charge of the mission to make investing and doing business in Thailand more straightforward than it is nowadays.
Businesses and consumers are burdened over high costs from complying with those laws and their related regulations, estimated at 142 billion baht annually.
The Thailand Development Research Institute projects that the revisions of laws and regulations would lower annual costs by 55.2 percent or 133 billion bath for consumers and 22.4 percent or 9 billion baht for businesses. Besides, the government is aiming to help lift Thailand in the World Bank’s “Ease of Doing Business” ranking from its current 21st position to the top 10 places.
Foreign and businesses have long complained about cost burdens stemming from complying with Thai bureaucracy, but the administration has been slow to deregulate.
Moreover, foreign investors have pressed for friendlier laws on immigration, foreign business, and taxes.
Days ago, the latest survey of the Board of Investment of Thailand (BOI) showed that most foreign investors are still confident in the country. They represent 96% of the group and are willing to bring forward their investments.
The BOI’s survey of confidence of international investors in the country was conducted with 600 companies.
The results show that 96% of them are continuing to make investments in Thailand, followed by 76.67% of companies that are going to maintain the same level of investment.
Besides, 19.33% of them are planning to increase their investment value, even amid the coronavirus devastating pandemic.
Thailand authorities are making efforts to relieve the impact that the COVID-19COVID-19 restrictions and lockdown have had on the country’s economy. The revision of the immigration and business laws and regulations is part of their recovery plan.