Ministries to propose wide-ranging legislation for economic reform
THE country's economic ministries will propose a raft of new laws - and amendments to existing ones - to the National Legislative Assembly aimed at reforms in preparation for the onset of the Asean Economic Community next year.
The Finance Ministry will offer a tax-reform package for the NLA’s consideration after winning approval for most of the changes from the military junta.
These include legislation on an inheritance tax, a land and building tax, a negative income tax, and the corporate tax. The ministry also wants amendments to the Securities and Exchange Law, and excise-tax reform to include ready-to-drink green tea and canned coffee beverages, energy, and consumer products. A Secure Transaction Bill and a Secure E-Payment Bill will be proposed.
The Commerce Ministry will propose revisions to the law against camcording in cinemas act and the Trade Secrets Act, and upgrading the Trade Policy and Strategy Office to a department. It will seek amendments to the Copyright Act, the Trademark Act, the Competition Act, and the Export and Import Act, while draft bills related to life insurance and the financial industry are awaiting consideration.
The Industry Ministry will propose amendments to facilitate foreign investment, as well as amendments to the Customs Act. It wants to amend obsolete laws in order to facilitate investment and simplify the process of obtaining factory operating licences.
Finance Ministry permanent secretary Rungson Sriworasat said the main idea of the ministry’s proposed tax reform was to bring fairness to society and reduce the gap between the rich and the poor, and not just to generate revenue for the state.
He added that the ministry had studied proposals for an inheritance tax, a land and building tax, and a negative income tax for more than 10 years but could not get any elected government to pass them into law. Now that Thailand has an unelected government, it is a good time to create a more fair society.
Santichai Santawanpas, deputy director-general of the Internal Trade Department, said the Commerce Ministry’s proposed legislation and amendments were aimed at ensuring Thai business competitiveness in a globalised economy and upcoming Asean integration.
Moreover, some laws have been in force for many years and should be modernised in accordance with current economic circumstances and to ensure fair treatment for all involved.
