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Legal Update
Land and Building Tax
September 2020
The Land and Building Tax Act B.E. 2562 (the “LBTA”) was promulgated on 12 March 2019 and became effective on 1 January 2020 replacing the predecessors, including the House and Land Tax Act B.E. 2475, the Land Development Tax Act B.E. 2508 and related regulations with an aim at improving an efficiency on tax collection.
CCC Proposed Amendments
August 2020
On 23 June 2020, the Cabinet approved the amendments to certain provisions of the Civil and Commercial Code (CCC) with an aim to increase flexibility and improve efficiency and competition of doing business in Thailand. The proposed amendment is currently being proposed for consideration by the National Assembly for approval and enactment.
Agenda for a shareholders' meeting of listed company
August 2020
Pursuant to Section 89/28 of the Securities and Exchange Act B.E. 2535 (1992) (as amended), a shareholder or shareholders who hold shares and have a voting right amounting to not less than five per cent of the total number of the voting right of the company may submit a written proposal in order to request the board of directors to include such proposal as an agenda of the shareholders’ meeting.
Peer-to-Peer Lending
September 2018
In light of the dramatic increase of peer-to-peer lending transactions, the Ministry of Finance has published a notification regarding peer-to-peer lending platform dated 10 September 2018 which became effective on 21 September 2018 to regulate and set out qualifications of P2P lending platform operator and certain key requirements as follows: 1. Platform provider shall be a private or public company incorporated in Thailand with a minimum paid up capital of Baht 5 million, whereby at least 75 per cent of its total issued shares with voting rights must be held by Thai persons;
Digital Asset Businesses Decree
May 2018
On the rise of cryptocurrencies and initial coin offerings across the world, it is impossible to ignore the massive impact and embedded legal implications. Accordingly, the Emergency Decree on the Digital Asset Businesses B.E. 2561 (the “Decree”) was promulgated and came into effective on 14 May 2018 to regulate digital asset-related transactions, having the Office of the Securities and Exchange Commission (the “SEC”) as the supervisory authority to oversee the public offering of digital tokens and operation of digital asset businesses (e.g. digital asset exchange, broker and dealer).
Payment Systems Act B.E. 2560 (2017)
April 2018
The Payment Systems Act B.E.2560 (2017) was promulgated on 18 October 2017 was promulgated on 18 October 2017 and became effective on 16 April 2018 with an aim at reforming and unifying Thailand’s regulatory framework for payment systems. Accordingly, the Bank of Thailand as main regulator under the Act is empowered to supervise three main categories of payment systems and payment services as follows: