Business and Regulatory Environment

Description

The latest World Bank Doing Business Report (2013) ranked Thailand 18th out of 189 economies. Among the 10 categories analysed by the report, getting electricity, protecting investors and dealing with construction ranked in the top 10 per cent of the world, while starting a business and paying taxes are comparably weak. Thailand has not only a complex tax structure and payment system but also a large informal sector, which are not covered by the tax system. It produces approximately 50% of the national gross domestic product and covers a large share of enterprises in all industries (BTI 2014). The Thai government has conducted reforms to ease paying taxes by reducing the profit tax rate in 2013 and employers' social security contribution rate in 2014. Other than aforementioned categories, the country’s corruption and political instability are also identified as problems for doing business. The process of bidding for contracts has remained somewhat opaque in Thailand which was ranked 102th out of 177 in the Corruption Perceptions Index (2013). Moreover, political turmoil and shifts of the government have delayed reforms in several areas such as privatization of state-owned enterprises to improve efficiency and transparency. Nevertheless, the U.S. Investment Climate Statement Study (2013) states that Thailand is a major destination for foreign direct investment, which seek to diversify investment sources.

The Business Environment: Doing Business

Multilateral Trade Instruments

Abstract


The Trade Treaties Map tool is a web-based system on multilateral trade treaties and instruments designed to assist trade support institutions (TSIs) and policymakers in optimizing their country's legal framework on international trade

Instrument ratified :
Ratification rate :
Weighted score : /100
    Ratification Rate Rank Weighted Score Rank
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In Region :
In Development level :