The long-awaited draft Retail and Wholesale Act is set to be discussed in Parliament later this year, with the expectation of taking effect in 2021, as revealed by Commerce Vice Minister Veerasak Jinarat. The new legislation aims to streamline the operating license process, reducing approval time and establishing provincial committees for handling licenses.
A More Efficient Licensing Process
Under the proposed Retail and Wholesale Act, provincial committees chaired by governors will be responsible for managing operating licenses in each region. Additionally, a central committee led by the commerce minister will be established. The new legislation seeks to cut the license approval process in half, down to 30 days. Investors will have the option to appeal to the central committee if their requests are denied by provincial committees.
Implications of the Retail and Wholesale Act
The Retail and Wholesale Act is expected to bring significant improvements to the retail and wholesale sectors by streamlining the licensing process and providing a more efficient system for businesses. By reducing approval times and offering an appeals process, the act aims to encourage investments and foster growth in these industries, ultimately benefiting the overall economy.
The upcoming Retail and Wholesale Act, slated for discussion in Parliament later this year, promises to modernize and streamline the operating license process for retail and wholesale businesses. By reducing approval times and establishing provincial and central committees, the act aims to promote investments and growth in these sectors, paving the way for a stronger economy.