Thailand maintains at 18th in world's business-friendly ratings

BANGKOK, October 29 (TNA) - Thailand has retained the world's 18th ranking for the second consecutive year among 189 countries surveyed this year on business-friendly ratings, maintaining the Kingdom on the global list of top 20 countries which facilitate international businesses well. Areepong Bhoocha-oom, Secretary-General of the Public Sector Development Commission (PSDC), told reporters of Thailand's 2013 position on Tuesday, which was stated in the “Doing Business 2014:Understanding Regulations for Small and Medium-Sized Enterprises” report of the International Finance Corporation (IFC) and the World Bank. According to the report, Thai government agencies have improved their services, streamlined their procedures and waiting times for services, improved information technology (IT) and revised laws, regulations and rules to better facilitate international business operators. The indicator of Thailand's better facilities is that the country has reduced its tax burden of business firms by cutting employers’ contributions to the Social Security Fund (SSF). However, the report noted, Thailand has been ranked the 91st for the “Starting a Business” category, as the country has not yet shortened time for approving a new business from 27.5 days, while Singapore makes it in only three days. The Land Department plans to reduce its fees, Areepong assessed, this should improve Thailand's ranking in the next survey in 2014. Kirida Bhaopichitr, a senior economist at the World Bank’s Bangkok Office, acknowledged, meanwhile, that Singapore has remained the champion for the eighth consecutive year in the latest survey, followed by Hong Kong in its 2nd ranking. Other countries in the world's top ten group include New Zealand, the United States, Denmark, Malaysia, South Korea, Georgia, Norway and the United Kingdom respectively; while the Philippines has been among the top ten countries having best streamlined regulations to facilitate international businesses over the past year, through its introduction of online tax reports and payments, reduced procedures for property registration, better handled requests for construction permits and provision of borrowers with easier access to their information in its credit bureau. Myanmar was surveyed for the first time this year and has been ranked 182nd, as businesses are facing numerous problems there. (TNA)