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Thailand ranked 13th most favorable in Doing Business
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September 11, 2008 by Bupha Ravirot
US-based World Bank and International Finance Corp. (IFC) ranked Thailand as 13th in the "2009 Doing Business" rankings, Thailand was at 19th before.
Regarding the information which has been obtained since July 2007 to June 2008, Thailand takes 13th most favorable country for business and investment in all 181 countries around the world and also the 4th among Asian countries.
While Singapore remains the first in "Doing Business" 3 years in a row, followed by New Zealand takes 2nd , USA ranked 3 rd, Hong Kong and China together come as the forth and Denmark ranked no. 5 .
Kirida Bhaopichitr, economist of World Bank Thailand Office said that the reasons of Thailand notching up from 19th to 13th within a year includes government made paying taxes easier by reducing some fees and facilitating online filing and payments. In addition, it now exempts companies with taxable income not exceeding 1.2 million Baht from corporate income tax and applies concessionary 25 percent rates for newly listed companies.
Moreover, Thailand had succeeded in amending the Securities and Exchange Act to strengthen minority shareholder rights. Provisional reductions of the property transfer fee and specific business tax have lowered the cost to transfer property from 6.3 percent of the property value to 1.13 percent. A new internet-based customs clearance system reduced the number of documents that must be submitted in hard copy from 9 to 3 for imports and from seven to four for exports.
"Doing Business" considers 10 criteria of each country' business situation, which depends on how easy or difficult private sectors would face.
Miss Kirida added that China government have made their business and investment rules less complicated this year especially in terms of borrowing and tax payment. While Thailand, Cambodia and Malaysia have made their business processes easier includes business registration and real estate registration.
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US-based World Bank and International Finance Corp. (IFC) ranked Thailand as 13th in the "2009 Doing Business" rankings, Thailand was at 19th before.
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