Thailand Legal News
The criteria for long-term resident foreigners tax benefits (29 August 2022)
The Notification on the measures, procedures, and conditions of LTR tax benefits, for foreigners and foreign employees in the company operating in the targeted industries, are as follows:
The reduction and exemption shall apply from 1 September 2022.
Court orders the BMA to repay THB 12.6 billion debt to BTS (7 September 2022)
The court ordered Bangkok Metropolitan Administration (BMA) and Krungthep Thanakhom (BMA’s subsidiary “KT”) to pay THB 12.6 billion to Bangkok Mass Transit System (BTS) for the operation and maintenance of the Green Line BTS extensions. This dispute derived from the agreement between the parties, that requires BTS to operate the extension of the Green Line, in addition to the original BTS stations.
Investment in other businesses of life insurance and Non-Life Insurance companies (7 September 2022)
OIC announced the amendments to the investment conditions in other businesses of the insurance companies. The main changes are, for instance:
– the duty to appoint a credit committee: to issue policies and regulate in relation to credit services, and to ensure good governance and manage staff;
– increasing the investment cap for foreign bank deposits, foreign bonds, funds and trusts, infrastructure and property funds from 15% to 30% of the total investment budget;
– the company can now invest in syndicated loans for infrastructure businesses, under the governing criteria.
Drafted Acts on strengthening the stability and security of insurance companies (30 August 2022)
The cabinet approved the drafts of the amendments to the Life Insurance Act and Non-Life Insurance Act. These 2 Acts will be amended on the same issues, for example:
– expanding the definition of a “director” to include branch manager and board of directors of the branches of the foreign insurance companies in Thailand, in order to impose the same standard for the foreign insurance companies;
– specifying the measures for reserved funds for liquidity purposes, and the minimum rate will be announced by the Office of Insurance Commission (“OIC”), and the authority can intervene in case the reserved fund is less than the standard;
– specifying prohibited activities (e.g. loan or guarantee for director or personnel in the company, except as welfare);
– stipulating the duty to hire an actuary;
Drafted Traffic Procedure Act (6 September 2022)
The cabinet approved in principle the Draft of Traffic Procedure Act. This Act will be enacted in order to establish a special Traffic Court. This court shall have jurisdiction over traffic cases, to distinguish traffic cases from general criminal cases to reduce the workload of the criminal court. There are special authorities of the Traffic Court, such as license suspension, issuing social work penalties, ordering to retake the driving license course, using electronic equipment for monitoring, or testing for alcohol.