DPM for Economics relays World Bank suggestions on doing business to Ministry of Finance

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DPM for Economics relays World Bank suggestions on doing business to Ministry of Finance

 

 

BANGKOK, 23 January 2017 (NNT) – Deputy Prime Minister for Economic Affairs Somkid Jatusripitak has met with the Ministry of Finance to discuss relaxing regulations to improve Thailand’s “doing business” rating. 

The meeting follows the World Bank forwarding initial data from its report on doing business in Thailand to the government economic team along with recommendations for enhancing the country’s business potential. 

In the reports Starting Business chapter, the World Bank pointed out Thailand must revamp its online business registration, its electronic juristic entity database and suggested it adopt a single platform for business registrations, bringing together multiple relevant agencies. 

On Getting Credit it said relevant information and regulations should be made more widely known and that laws should be reviewed to allow for transnational sharing of information. 

On Taxation, the report indicated the process is currently too complicated and impedes effective auditing. 

Somkid said that while further discussions may alter the recommendations he is confident the changes will allow Thailand to elevate itself on the World Bank Doing Business Ranking from its current position of 46 among 190.

 

-- nnt 2017-01-23

[Srikcir]

Good for Somkid to discuss relaxing regulations to improve Thailand’s “doing business” rating. If WB is taken seriously no doubt will improve Thailand's ranking, assuming all other business regulations are not degraded or adversely revised. Of course if the government continues to actively institute a single gateway for all Thai internet activities, relaxing business regulations will be for naught.