After years of debate and various drafts proposed by interested parties, Thailand’s Cabinet finally approved the draft Trade Competition bill, proposed by the Department of Internal Trade, at a meeting on 11 October 2016.
This draft bill is an overhaul of the existing Trade Competition Act, enacted in 1999. The major changes include the spin-off of the Office of the Trade Competition Commission (OTCC) from a division of the Department of Internal Trade, under the Ministry of Commerce, into an independent state organization, and the inclusion of a fine of 10% of the total income of the fiscal year before the year an offence is committed for cartel cases, in addition to the existing criminal penalty (imprisonment of not more than three years). For group subscribers, please click here to access. Business Law Digest is compiled with the assistance of BAKER MCKENZIE. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mailing Danian Zhang at danian.zhang@bakermckenzie.com, or for general enquiries contact Anand Ramaswamy at anand.ramaswamy@bakermckenzie.com Additional copy regarding new treaties with India was compiled by Nishith Desai Associates (NDA), a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich.
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