Thailand
Thailand: Customs Act hope for business ranking
The government is hopeful that the new Customs Act will help improve the country’s ease of doing business ranking by the World Bank, says Kan Trakulhoon, chairman of the Pracha Rat public-private collaborative initiative.
Mr Kan said the public and private sectors have worked together for a year to amend and update the Customs Act to ensure it is up to international standards.
The National Legislative Assembly approved the amended law on March 9 and it is expected to be sent to His Majesty the King for consideration within 20 days of the NLA’s approval. Once approved and signed, it will be announced in the Royal Gazette and come into force within 180 days from the announcement date.
The change in the Customs Act could shorten the time for clearance-audits or investigations, which are expected to be reduced from 10 to five years retroactively, indicating that potential initial claims and liabilities are likely to be reduced, according to Monrudee POhuttirodtaworn, the customs law and trade expert at PwC Thailand.
Mr Kan said this crucial amendment to the Customs Act is expected to be an important factor for the World Bank to consider when re-evaluating Thailand’s ease of doing business ranking.
In May, the World Bank will gather information on the progress among Thailand’s state agencies on that count.
“The private sector welcomes these changes since the related government agencies will better facilitate commerce and cut down on red tape, which have ramped up the cost of doing business,” said Mr Kan. Furthermore, the latest improvements to the Customs Act will help it meet international standards.
Mr Kan also said private investment is likely to improve given the great efforts of the government in pushing forward its major project — the Eastern Economic Corridor.
Kulis Sombatsiri, director-general of the Customs Department, said the new customs law is one of 24 tax laws that have been modernised to meet international standards to better support trade and investment, with the aim of improving Thailand’s competitiveness among Asean member countries. The amendment will also improve transparency, he said.
Source: http://www.bangkokpost.com/business/news/1229980/customs-act-hope-for-business-ranking