Thailand’s BOI Incentives: Driving Business Competitiveness

Thailand’s Board of Investment (BOI) has introduced targeted incentives aimed at boosting the competitiveness of eligible businesses across various sectors in the local market. Here is a breakdown of the key programs and their benefits:

  • Upgrading Automotive Industry (BOI’s Notification No. 2/2566)

Existing BOI-promoted automotive projects can reapply for a 3-year corporate tax exemption if their previous benefits have expired. They must invest at least 1 million THB in automation and robotics manufacturers (excluding land and working capital). The new investment project must support the domestic industry by 30% of the total automation system and robotics value to qualify for a 3-year corporate income tax exemption.

  • Community and Social Development (BOI’s Notification No. 1/2567)

Active projects and new investment projects must have a minimum capital investment of 5 million THB (excluding land and working capital costs). Additionally, they must invest a minimum of 500,000 THB in supporting local organizations, such as social enterprises and unions, to qualify for a 3-year corporate income tax exemption.

  • Retention and Expansion Program (BOI’s Notification No. 2/2567)

Businesses with a long-standing presence of not less than 15 years and a significant investment history of not less than 10,000 million THB from at least 3 projects can get benefit from this program. Expansion projects with an investment value of at least 500 million THB (excluding land and working capital costs), will receive corporate income tax exemptions of 3 up to 13 years depending on the business’s category. The range of tax exemptions varies depending on the businesses categorized by the BOI office.

person in welding mask while welding a metal bar
  • Comprehensive Relocation Program  (BOI’s Notification No. 3/2567)

To encourage foreign investors in relocating integrated businesses, including manufacturing facilities, regional headquarters, and research and development centers, new investments that are eligible to receive BOI incentives of 3 up to 8 years of corporate income tax exemption under this promotion must submit manufacturing projects applications for investment promotion of the International Business Center (IBC) and an applicant must undertake the substantial functions of regional headquarters and/or R&D centers as indicated.

  • Economic Recovery  (BOI’s Notification No. 4/2567)

The activities categorized in group A such as businesses related to public utilities or the automotive industry are entitled to receive corporate income tax exemption not exceeding 8 years with the additional rights and benefits of 50% reduction from the standard corporate income tax rate applies to net profits derived from the investment for a duration of 5 years after the expiration of the corporate income tax exemption.  

Author: Panisa Suwanmatajarn, Managing Partner.

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Proposed Shifts in Foreign Business License Exemptions for Selected Industries

The Department of Business Development, Ministry of Commerce, conducted a public hearing for a draft Ministerial Regulation on Types of Foreign Business that Do Not Require Permission before Operating (“Ministerial Regulation”). The draft Ministerial Regulation is currently undergoing the process of summarizing the results of such hearing. After this process, the draft Ministerial Regulation will be presented to the Cabinet for its consideration.

The draft Ministerial Regulation proposes for removal of 9 types of business from List 3 of the Foreign Business Act B.E.2542 (1999) in which the foreigners do not need to obtain a Foreign Business License (“FBL”) before operating these businesses. Such 9 types of business are as follows:

  1. Telecommunication service businesses under the first type of telecommunication business license according to the laws related to telecommunication businesses.  
  2. Treasury Center services businesses under laws regarding exchange control.
  3. Software development business.
  4. Service businesses for administrative, human resources, and technological management for affiliated companies.
  5. Debt guarantee service businesses, only within the country, for affiliated companies.
  6. Partial space rental businesses for installing electronic devices used in financial services, vending machines, or automatic services to facilitate the company’semployees.
  7. Petroleum exploration service businesses.
  8. Various forms of lending businesses with securities under the securities and exchange laws, as well as the derivatives laws.
  9. Service businesses as brokers, dealers, advisors, or fund managers for the derivatives contract that its goods and variables are not subject to the Derivatives Act B.E. 2546 (2003).
time lapse photography of passing vehicles on city roads

The significant reasons for exempting foreigners from their requirement to obtain the FBL for the aforementioned businesses include reducing redundancy as some businesses are regulated by specific laws, reducing costs for business operators, no negative effects on the competitiveness of Thai entrepreneurs in the domestic market, aligning with national business development policy, fostering knowledge and labor development, facilitating technology transfer to Thailand, enhancing the operational efficiency of affiliated companies and promoting competition in quality of services.

Author: Panisa Suwanmatajarn, Managing Partner.

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Possible Enhancing Social Security Fund Contributions for Sustained Coverage and Benefits

The Social Security Act B.E. 2533 (1990) stipulates that contributing to the Social Security Fund grants employees access to a range of benefits and coverages, offering financial protection from the commencement of employment until the insured person’s passing. The benefits encompass accident and illness coverage, medical benefits, child and maternity welfare, disability and death compensation, as well as provisions for unemployment and retirement pensions. Complying with this payment requirement is mandatory as per the law under the Social Security Act B.E. 2533 (1990).

Under the provisions of the Social Security Act B.E. 2533 (1990), individuals eligible for the Social Security Fund fall into three distinct categories:

  • Section 33: Pertaining to employees aged 15 to 60 years old, working in Thailand.
  • Section 39: Applicable to employees who have contributed for not less than 12 months, subsequently ceasing employment but desiring to continue contributions and receive benefits.
  • Section 40: Encompassing individuals not classified as employees under Sections 33 and 39.

Amid global apprehensions about the potential depletion of the Social Security Fund, there is concern that insured individuals may not receive the funds they are entitled to within the next 30 years. However, the Ministry of Labor affirms the stability and security of the Social Security Fund. It advocates for an increase in the monthly contribution wage for insured persons under Section 33, effective from February 28, 2023, achieved by revoking Ministerial Regulations No.7 (B.E. 2538 (1995)) issued under the Social Security Funds Act B.E 2533 (1990).

Consequently, the draft of Ministerial Regulation Determining the Minimum and Maximum Rate to Calculate the Contribution Basis to the Social Security Fund B.E. …. (“the Draft of Ministerial Regulation”) proposes a gradual increase in the minimum and maximum amount used as the basis for calculating contributions, alongside adjustments to the social security fund payments for insured persons under Section 33 as summarized as follows:

  • Current Stage: The wage cap ranges from 1,650 THB to 15,000 THB, with insured persons earning over 15,000 THB required to pay 750 THB per month to the Social Security Fund.
  • First Stage: From January 1, 2024, to December 31, 2026, the wage cap ranges will be between 1,650 and 17,500 THB, with insured persons earning over 17,500 THB required to pay 875 THB per month to the Social Security Fund.
  • Second Stage: From January 1, 2027, to December 31, 2029, the wage cap ranges will be between 1,650 and 20,000 THB, with insured persons earning over 20,000 THB required to pay 1,000 THB per month to the Social Security Fund.
  • Third Stage: Commencing from January 1, 2030, the wage cap ranges will be between 1,650 and 23,000 THB, with insured persons earning over 23,000 THB required to pay 1,150 THB per month to the Social Security Fund.

Moreover, the proposed adjustments extend to the coverages and benefits provided to insured persons, including an increase in illness coverage from 250 THB per day to 383 THB per day, unemployment remedy from 7,500 THB per month to 11,500 THB per month, and death compensation from 30,000 THB to 46,000 THB.

The proposed changes in contributions and benefits as specified in the Draft of Ministerial Regulation aim to sustain the stability and adequacy of the Social Security Fund, ensuring that insured persons continue to receive comprehensive coverage and support in alignment with evolving economic and social dynamics.

Author: Panisa Suwanmatajarn, Managing Partner.

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Subordinate Legislations under the Foreigners Work Management Emergency Decree

Love has long been a powerful force that transcends boundaries and unites people from diverse backgrounds. In recent years, the LGBTQ+ community has grown significantly, with more individuals feeling empowered to come out and live their truth. Many countries around the world have recognized the importance of supporting the LGBTQ+ community and have amended their laws to allow for same-sex marriage. However, Thailand, despite being known as an LGBTQ+ friendly country, has yet to pass such legislation.

Over the years, the Thai parliament has engaged in several debates regarding marriage equality and civil unions. Unfortunately, all proposed bills have failed to be enacted, leaving the LGBTQ+ community without the legal recognition they deserve. However, there is a glimmer of hope on the horizon. In a recent development, the Thai cabinet has approved the principle of amending the civil and commercial code bill, proposing marriage equality.

The essence of this amendment lies in the redefinition of the term “couple” to include people of any gender. This groundbreaking change aims to grant homosexual couples the same fundamental rights as their heterosexual counterparts. These rights include the ability to claim compensation in the event of a breach of betrothal or infidelity, the right to dissolve a marriage, and equal minimum age requirements for both heterosexual and homosexual couples.

man in black suit sitting on chair beside buildings

While this amendment marks a significant step towards marriage equality in Thailand, it is important to recognize that it is merely the beginning. Homosexual couples have long been living together as families, yet they continue to face a lack of fundamental rights. These rights encompass crucial aspects such as the ability to make decisions regarding medical care, joint management and control of property, and inheritance rights.

Although the principle of amending the civil and commercial code bill has only been approved by the cabinet, it is a promising start. The next step will be to propose this amendment to the House of Representatives, where further discussions and deliberations will take place. If the bill successfully navigates this process, it will pave the way for a more inclusive and egalitarian society in Thailand.

The potential impact of this amendment cannot be understated. It signifies a fresh start for real equality, ensuring that love knows no boundaries and that all individuals, regardless of their sexual orientation, have the opportunity to experience the joys and responsibilities of marriage. As Thailand takes this important step towards marriage equality, it sets an example for other nations to follow, fostering a world where love truly knows no bounds.

Author: Panisa Suwanmatajarn, Managing Partner.

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A Proposal for the Reform of the Foreigners’ Working Management Emergency Decree B.E. 2561: Enhancing Labor Management in Thailand

Introduction:

The Foreigners’ Working Management Emergency Decree B.E. 2561 (2018) (“Decree”) was enacted to establish an integrated system for managing foreign laborers in Thailand. While it has successfully facilitated legal immigration for foreign workers seeking employment in various sectors of the economy, there are challenges that need to be addressed.

This article presents a proposal to amend the Decree, aiming to enhance flexibility and address critical issues such as labor shortages, ultimately contributing to the stability of the Thai economy.

Challenges and Proposed Amendments:

The current Decree prohibits employers operating as labor contractors from directly bringing in foreign workers for employment purposes. Although this restriction was intended to regulate foreign labor, it has inadvertently created challenges for businesses striving to meet their workforce demands efficiently. To address these challenges, the proposed amendments seek to introduce changes that would allow labor contractors to bring in foreign workers from countries with established Memorandum of Understanding (MOUs) with the Thai government for direct employment. Additionally, the proposed amendments aim to remove penalties associated with the original decree’s prohibition, fostering a more lenient and adaptable system.

five women sitting on tree trunk

Benefits and Impact:

The proposed amendments advocate for a paradigm shift by permitting businesses operating as labor contractors to directly employ foreign workers. This change is expected to streamline the hiring process and provide a practical solution to address labor shortages in various sectors. By eliminating penalties related to the original and current Decree, the proposed amendment promotes a more open and flexible system, incentivizing employers to explore international labor options without fear of legal repercussions.

The primary goal of the proposed amendment is to address persistent labor shortages faced by various industries in Thailand. By allowing labor contractors to bring in foreign workers, the amendment aims to enhance the stability of the Thai economy and attract increased foreign direct investment. This strategic move aligns with the evolving needs of the economy and positions Thailand as an attractive destination for both skilled and unskilled foreign workers.

Anticipated Results:

The proposed changes are anticipated to contribute significantly to the stability and growth of the Thai economy. By providing a practical solution to labor shortages, industries will be able to operate more efficiently, ultimately contributing to overall economic growth. Moreover, increased flexibility in hiring foreign workers is expected to attract more foreign direct investment. Businesses, assured of a streamlined labor recruitment process, are likely to view Thailand as an attractive destination for investment and expansion.

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Conclusion:

The proposed amendment to the Decree represents a strategic and forward-thinking approach to labor management in Thailand. By embracing flexibility and responsiveness, the country can not only address immediate challenges related to labor shortages but also position itself as a dynamic player in the global economy, attracting foreign workers and investors alike. This reform signifies a commitment to progress and economic development, ensuring that Thailand remains a competitive and thriving nation in the international arena.

Author: Panisa Suwanmatajarn, Managing Partner.

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Enhancing Rights and Welfare: The Freelance Promotion and Protection Bill

Introduction

In the 21st century, the advent of the digital age has transformed the global landscape, leading to an increased reliance on electronic devices and digital platforms for everyday survival. This shift is especially prominent in major Asian cities like Bangkok, where traditional cash transactions are being replaced by the prevalence of digital payments such as credit cards, debit cards, and QR codes. Alongside this digital revolution, the rise of applications like Grab, Bolt, and Robinhood has introduced a new paradigm of work facilitated by independent contractors or partners, offering services ranging from food delivery to transportation.

The precarious situation of independent contractors despite their indispensable role, independent contractors, commonly known as partners, often find themselves in a precarious situation. Although,

their work may resemble that of employees, they are not granted the same level of protections provided by traditional employment laws. To address this pressing issue, the Ministry of Labour has introduced the draft Freelance Promotion and Protection Bill, aiming to establish a distinct category for these contractors, recognizing them as semi-independent professionals or semi-freelancers.

Safeguarding semi-freelancers

The Bill seeks to protect semi-freelancers from arbitrary termination by prohibiting business operators from ceasing to provide work during the resolution of complaints or in case of serious allegations. This provision aims to provide a safety net for semi-freelancers, ensuring a fair process before any cessation of work.

Regulating agreements for transparency and fairness

The Bill acknowledges the need for transparency and fairness in agreements between business operators and semi-freelancers. By regulating these agreements, the legislation aims to create a balanced working relationship that respects the rights and interests of both parties.

Enhancing well-being

Through a fund to enhance the well-being of semi-freelancers, the Bill proposes the establishment of a fund to which members can contribute. This fund would provide benefits such as access to credit unions, insurance coverage, and other rights, offering a social security net for those engaged in freelance work.

Arbitration mechanisms for dispute resolution

The Bill empowers semi-freelancers with the right to arbitrate labor disputes through a tribunal, arbitrator, or the labor court. This ensures a fair and impartial resolution mechanism that considers the specific nature of freelance work.

Strengthening collective bargaining power

Recognizing the collective strength of freelancers and semi-freelancers, the Bill promotes the formation of worker’s unions. This empowers freelancers to engage in collective bargaining, fostering a fairer working environment and ensuring that their voices are heard.

Establishing a dedicated committee

The establishment of a Freelance Promotion and Protection Committee underscores the commitment to safeguarding the rights and promoting the well-being of freelancers. This committee will serve as a dedicated body to address emerging issues and ensure the effective implementation of the Bill.

In conclusion, the Bill represents a crucial step towards acknowledging and addressing the unique challenges faced by freelancers and semi-freelancers in the evolving digital landscape. By providing legal recognition, ensuring job security, and establishing mechanisms for dispute resolution and collective bargaining, the Bill aims to foster a more equitable and supportive environment for those engaged in freelance work. Ultimately, this legislation endeavors to build a robust social security net, promoting the rights and well-being of freelancers and semi-freelancers in the contemporary workforce.

Author: Panisa Suwanmatajarn, Managing Partner.

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Thailand – New Government with its Executive and Legislative Policies to Promote Foreign Direct Investment

The new government, which has taken office following a nine-year ruled by General Prayuth Chan-o-cha, signifies Thailand’s return to democracy after the 2014 military coup. Under the leadership of the Pheu Thai Party, led by Prime Ministerial candidate Srettha Thavisin, the government has set forth a visionary agenda, with a primary focus on promoting foreign direct investment to invigorate the country’s GDP.

To achieve this overarching objective, the government has implemented a multifaceted strategy that encompasses both executive and legislative policies. This strategy revolves around three core principles: reducing expenses, increasing income, and expanding opportunities, all designed to enhance Thailand’s overall business environment and attractiveness to foreign investors within the ASEAN region.

One of the government’s primary measures is an extensive economic stimulus program. This program aims to reduce the cost of living and production costs in the country. Key components include significant reductions in electricity prices, petrol prices, personal consumption loan interest rates, and suspension of debt payments for farmers. These measures are strategically designed to enhance the appeal of Thailand as a destination for foreign investment by improving the overall cost structure for businesses operating within its borders.

Furthermore, the government is focusing on boosting the Electric Vehicle (EV) industry as a driver of foreign investment. To achieve this, it plans to reduce tax exemptions for imported EV cars, incentivizing domestic EV manufacturing. By nurturing this emerging sector, Thailand seeks to enhance its industrial and technological capabilities, making it a compelling option for foreign investors looking to capitalize on the growing EV market.

The government has also implemented visa policies to promote foreign investment and tourism. Passport holders from China, Kazakhstan, Taiwan, and India already benefit from a free-visa policy, with plans to extend this privilege to other nationalities in the near future. Such policies foster an environment conducive to foreign business travel and investment in various sectors.

Furthermore, the government is taking steps to upgrade the country’s infrastructure. The proposed land bridge project, connecting the Andaman Sea to the Gulf of Thailand, will significantly enhance international trade routes, positioning Thailand as a pivotal transportation hub in the Indo-Pacific region. This infrastructure investment opens up opportunities for foreign investments in logistics and related industries.

Lastly, the government plans to introduce legislation to fund the 10,000 THB digital wallet project. This initiative will provide digital currency to adults with monthly incomes below 70,000 THB and savings below 500,000 THB. Any unused funds will be channeled into the National Competitiveness Enhancement for Targeted Industries Fund, further enhancing economic competitiveness and making Thailand an attractive destination for foreign investment.

In conclusion, the government’s comprehensive approach to economic development, with a focus on improving the business environment, supporting key industries such as EV manufacturing, and encouraging foreign investment, positions Thailand for substantial growth and prosperity. If effectively implemented, these policies have the potential to transform Thailand into a regional economic powerhouse.

Author: Panisa Suwanmatajarn, Managing Partner.

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Allowing Workers from Cambodia, Laos, Myanmar, and Vietnam to Temporarily Work in Thailand

Because of transportation restrictions and barriers, the number of foreign workers who will come to work in Thailand does not correspond to the demand for employment in Thailand. The Minister of Labor, as approved by the Cabinet Resolution on July 5, 2023 (B.E. 2566),  has made the notification of the Ministry of Employment to specifically allow the alien workers from Cambodia, Laos, Myanmar, and Vietnam to temporarily work legally in Thailand by virtue of Sections 6, 14, and 63/2 of Foreigners Working Management Emergency Decree B.E. 2560 (A.D. 2017), provided that the Alien Workers are within the meaning of the above Cabinet Resolution. The essences of this notification are following:

  1. The employer can send the name list of the requesting foreign worker (“Name List”) on an electronic system as the main system. However, if the electronic system is unable to process it, the employer must submit it to the employment office where the employer’s office is located.
  2. While employers submit the Name List and a recent foreigner’s photo to the Department of Employment by July 31, 2023 (B.E.2566), foreign workers are permitted to temporarily work without a work permit. After approval by the Department of Employment, the foreign workers shall take the Name List as evidence to work in Thailand until July 31, 2023 (B.E.2566). 
  3. The permitted foreign workers can work with the employers on any kind of work unless there is a prohibition under Section 7 of Foreigners Working Management Emergency Decree B.E. 2560 (A.D. 2017). Moreover, the notification of the Ministry of Labor re: prescription of the prohibited occupation for foreigners and the announcement of the Department of Employment re: requirement of working as labor and front-office sale with employer apply for such workers as well.
  4. The employers are exempt from informing the registrar regarding the name, nationality, and the job description of the foreigner within 15 days from the day of employment under Section 13 of Foreigners Working Management Emergency Decree B.E. 2560 (A.D. 2017).
  5. Submitting the Name List is regarded as the employees having informed the registrar under Section 64/2 of Foreigners Working Management Emergency Decree B.E. 2560 (A.D. 2017).
  6. The permit to work without a work permit for foreign workers by virtue of this notification has terminated either (1) when the foreign workers do not comply with this notification or (2) when the permission to stay in Thailand terminates under the Immigration Act B.E. 2522 (A.D. 1979).

This notification intends to assist illegal foreign workers to work in Thailand and become legitimate by making it easier for employers and employees to submit the Name List on the electronic system. This notification has been effective since June 6, 2023 (B.E.2566), and employers who hire foreign workers without a work permit must submit the Name list to the Department of Employment by July 31, 2023 (B.E.2566) to provide the temporary legal duration of foreign workers.  

Author: Ms. Panisa Suwanmatajarn, Managing Partner.

Visa Extension for Foreign Workers

The cabinet has recently approved the guideline for managing foreign working after February 13th, 2023, as proposed by the Ministry of Labor in collaboration with the Ministry of Interior, Ministry of Public health, Royal Thai Police, and Department of Provincial Administration. The guideline below will be applied to foreign workers whose work permits expire on or before February 13th, 2023, by allowing the following foreigners to stay in Thailand as a special case until May 15th, 2023.

1. Foreigners who have completed and submitted an application for a renewal of their work permit and paid for the application fee and renewal work permit fee within February 13th, 2023  and that 1.) those foreigners were granted a visa or permitted to temporarily stay in Thailand until February 13th, 2023 but have not yet applied for a temporary stay in Thailand until 2024 or 2025 or have a gradually expired passport since February 14th, 2023 onwards or 2.) those foreigners who were granted a visa or permitted to temporarily stay in Thailand until February 13th, 2023 and have been granted to stay temporarily in Thailand until 2024 or 2025 or have a passport expired from February 14th, 2023 onwards.

According to the Notification of the Ministry of Labor issued by virtue of Section 14 of the Royal Ordinance on the Management of Foreign Workers Employment B.E. 2560 (2017) and its amendments, foreigners as mentioned above in Item 1 will be allowed to work in Thailand until February 13th, 2024, or 2025 as the right is granted.

women in sitting on floor rug

2. Foreigners, who have incompleted but  submitted an application for a renewal of their work permit and paid the application fee within February 13th, 2023 under the circumstances of 1.)  those foreigners do not have a passport or document in lieu of a passport, 2.) those foreigners who have a passport or document in lieu of passport but fail to extend their visa or 3.) those foreigners whose status is not legal but whose employers have applied for their work permits on their behalf and have already paid the fee in the process of biometrics collection prohibited disease diagnosis, will be granted temporary visas until May 15th, 2023. In case they wish to continue working in Thailand, they will be granted temporary visas and work permits until February 13th, 2024 or February 13th, 2025 as the case may be.

3.  Those foreigners, who have passports or documents in lieu of passports and have been granted visas or have permission to temporarily stay in Thailand but passports or documents in lieu of passports expired before February 13th, 2023, will be allowed to temporarily stay and work until February 13th, 2024, or February 13th, 2025, as the case may be.

Thailand – Self-Employed Workers Being Protected under a New Legislation

While the popularity of digital platforms is increasing day by day, the employment status of digital platform workers (also known as gig workers, independent contractors or online platform workers) can be a complex issue and can vary depending on the specific circumstances of the work arrangement and the laws of jurisdiction in which the work is being performed.

In some cases, digital platform workers may be considered employees, while in other cases they may be considered self-employed or independent contractors. The determination of employment status can have significant implications for the rights and protections that apply to the workers, as well as for the tax and other legal obligations of the workers and the platforms.

There is often debate and controversy surrounding the employment status of digital platform workers, and different countries and jurisdictions have taken different approaches to define and regulate this type of work.

Self-employed workers are arguably not considered employees and therefore are not protected under traditional labor laws. In most countries, labor laws are designed to protect the rights and interests of employees, who are typically defined as individuals who work for another person or organization in an employment relationship.

woman sharing her presentation with her colleagues

Self-employed workers, on the other hand, are arguably considered to be their own bosses and are not considered employees. They may operate their own business or provide services to clients on a freelance or contract basis. As a result, they are generally not entitled to the same protections and benefits as employees, such as minimum wage, overtime payment, unemployment insurance and compensation.

With the above in mind, workers who work for digital platforms such as riders raised an issue that while they are under the rules of digital platforms, i.e. uniform wearing, working hours, etc.; they are not protected under normal labor law. The Thai Government had looked into this issue and recently, the Cabinet approved in principle to draw up new legislation to protect almost 20,000,000 self-employed workers. Under this new legislation, self-employed workers will be entitled to the following:

  • Basic occupational rights;
  • Safety at work;
  • Social security;
  • Forming an organization;
  • Be promoted, protected and developed towards a good quality of life;
  • Fair work and contract, such as not specifying conditions that cause the work to be rushed with risk or have to work too hard to the point of loss of health;
  • Fair compensation;
  • Remuneration according to the specified rate and period;
  • Welfare and basic insurance;
  • Establishing a fund for workers to have access to the source of funds appropriately;
  • Right to appeal for the investigation and suspension of work; and
  • Right to collective bargaining of workers.

At the moment, the Council of State is considering details of this new legislation. The draft then needs to go through the Parliament which will take a year until it becomes enforce.

Author: Panisa Suwanmatajarn, Managing Partner.