BANGKOK, June 11 (TNA) – Thailand’s Deputy Finance Minister Pradit Phataraprasit on Friday signed a loan agreement with the World Bank and the Asian Development Bank (ADB) to fund the Four-Lane Highway Widening Project (Phase II) to improve Thailand’s highway network.

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World Bank, ADB lend US$156 million to support Thai highway projects

Recent Trade Reforms in Thailand

Regulations and bureaucratic procedures that firms have reported as severely affecting their businesses and investment decisions were mainly on delays in tax refunds, uncertainties around the time taken to clear customs or obtain permits and certifications, and uncertainties around regulatory policies. The delays in tax refunds referred to both value-added tax refunds and import tax refunds for exporters. The Revenue Department and Customs Department have been introducing programs and employed internet-based services to reduce the time taken to do so. However, few firms have participated in these programs or have benefited from the services. On the other hand, the average number of days needed to clear import customs or obtain permits is not exceptionally high in Thailand compared to other countries.

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