Legal Section - Doing Business
You will find here a series of summaries providing an overview of useful legal regulations, processes and legal issues for Doing Business in Thailand.
New interest rates under the Civil and Commercial Code
An Emergency Decree on the Amendment of the Civil and Commercial Code, which was published on the Royal Gazette and became effective on 11 April 2021, addressed the following key issues regarding interest rates:
New interest rates and interest on debts
A draft act to amend provisions of the Civil and Commercial Code (“the Draft”) was approved by the Cabinet on 9 March 2021 for further enactment. The key amendments concerning interest rates and the basis for calculating default interest on debts paid in instalments are as follows:
Filing financial statements and shareholders’ list
On 28 December 2020, the Department of Business Development (“DBD”) issued guidelines on filing financial statements (“FS”) as of 31 December 2020 and the shareholders’ list (“BOJ 5”).
IPO and the care of elderly and clinical research
Based on a decision by the Board of Investment (“BOI”) to boost investment in Thailand by reinstating the International Procurement Office (“IPO”) and launching new investment projects for the care of the elderly and clinical research business activities, the BOI issued Notification No. Sor. 1/2021 dated 13 January 2021 adding new business activities to business category 7 and prescribing the related conditions and incentives.
Retirement and early retirement
Under Thai Labour Protection Act, employers can force their employees to retire at the age set out in work regulations, internal policies, or employment agreements. However, if a retirement age is not stipulated anywhere, the statutory retirement age is 60, and the employee must inform the employer of his intention to retire. The employee’s retirement will become effective 30 days after the date on which the employee informs his employer.