Thailand’s Department of Pollution Control drafted a new law to address electronic waste dumping in public landfills and recycling of hazardous waste throughout the Kingdom, reports the Bangkok Post.
According to the Bangkok Post, the Electrical and Electronic Equipment Waste Management (WEEE law) bill includes “provision for a hazardous waste tax, recycling, and a compulsory take-back scheme where manufacturers have to take back old products when consumers turn up to buy new ones.”
Chaninat and Leeds’ Thailand company registration lawyers have assisted hundreds of businesses in Thailand.
The bill is out for comment from the public and is reportedly expected to be reviewed by the National Legislative Assembly in February 2015.
The DPC reported that last year 368,314 tons of waste from electric and electronic equipment was generated, up from 359,070 tons in 2012.
The WEEE draft law would make dumping electronic or electrical equipment in a public space illegal.
Read the full story here.
A new amendment to laws affecting guarantees, suretyships and third-party mortgages was passed by the Thai government, reports the Bangkok Post.
According to the Bangkok Post the amendment, which will take effect on February 11, aims to protect the rights of individual guarantors and mortgagors. Some of the new stipulations under the amendment include:
- The guarantee must specify the guarantor’s obligation including the duration and amount.
- The guarantee contract will be void if the guarantor is jointly liable with the borrower.
- Banks are required to notify the guarantor within 60 days if the borrower is in default.
- Banks are required to pursue borrowers of defaulted loans before pursuing guarantors.
- Lenders are required to notify the guarantor in the event of debt restructuring; the guarantor will not be obliged by the guarantee without consent.
Analysts and bankers have expressed concern, though, that the new regulations could discourage financial institutions from extending loans and could have adverse effects on exports and international borrowing in Thailand’s business sector.
The senior business attorneys at Chaninat and Leeds are experts on Thailand company registration for Thai companies and foreign businesses.
“Since the guarantor’s obligation will be limited and reduced, financial transactions including export credit guarantees and international borrowing could be affected as guarantors’ credibility may not meet international financial institution’s requirements,” explained Boontuck Wungcharoen, chairman of the Thai Bankers’ Association (TBA), as quoted by the Bangkok Post.
Kitipong Urapeepatanapong, chairman and head of the tax practice group at Baker & McKenzie, said it would be more conducive for the new laws to be applicable on individual loans and guarantees while enforcing corporate finance and guarantees under the previously existing laws.
The Bangkok Post reports that the TBA is planning to submit a counter-proposal suggesting changes to the amendment for the government to consider applying before it goes into effect.
Read the full story here and here.