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Upcoming Retail and Wholesale Act Aims to Streamline Licensing Process

Retail and Wholesale Act

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.

ThaiVest Editorial Team
The Thaivest Editorial Team is a dedicated group of writers and editors with a passion for Thailand's vibrant economy, culture, and lifestyle. With diverse backgrounds in finance, economics, and journalism, we provide valuable insights into living well in Thailand, making money online, and practical tools for navigating its dynamic market. Our mission is to keep our readers informed about the latest developments, opportunities, and challenges in Thailand's economic and cultural landscape. Stay connected with Thaivest for reliable, well-rounded coverage of all things Thai.