FTI wants govt to amend 37 business laws
In preparation for tougher competition under the Asean Economic Community, the Federation of Thai Industries (FTI) will propose that the government amend 37 laws to facilitate trade and investment.
The proposed amendments are aimed at strengthening the Kingdom’s competitiveness. In addition, the FTI will also propose that the government draft a law on collateral guarantee for businesses that require high asset guarantee. Manufacturers also need more cash-flow support measures to ensure smooth business operation and a law for the establishment of an independent agency for health and environment should also be passed.
FTI chairman Payungsak Chartsutipol |said any laws concerning business facili-tation should be drafted and their amendments should be accelerated. Previously, |the Joint Private Committee had proposed that the government amend 100 business laws, however, all of them cannot be amended now.
As a result, the federation has prioritised the 37 most important ones that need amendment. Four laws, divided into two groups, are in urgent need of amendment.
The first group concerns trade and investment promotion laws such as Customs Act 1926 (BE 2469), draft law on collateral guarantee for business, draft law on personnel information protection.
The amendment of these laws will strengthen the private sector’s competitiveness to access more capital and working |capital.
The second group involves manufacturing processes such as the draft act on an independent health agency, to impose more restrictions on businesses that would harm the environment and the community under the Constituency Act article 67. This law was read by Parliament during the Abhisit Vejjajiva government but the Yingluck Shinawatra Cabinet has not endorsed it |yet.
He added that the draft law on collateral guarantee for business should allow investors to use other assets to guarantee business contract such as deposits in a financial institution and stockpile. This will give manufacturers more liquidity and working capital. Particularly, it will create business opportunities for small and medium enterprises.
The Customs Act 1926 needs to have more appropriate punishment by separating cases of intentional and unintentional avoidance of tax, for example.
Payungsak added that the FTI would |meet Industry Minister MR Pongsvas Svasti within this week to talk about business problems. Previously, the Joint Private Committee had proposed the setting up of a steering committee to consider the types of businesses that will affect people’s lives. It needs to set up a timeframe and the period for the steering committee to facilitate business planning.
