TREASURY LAW TO INCREASE TRANSPARENCY

Real Estate July 03, 2017 01:00

By The Nation

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The Treasury Department has revised the law governing renting of treasury land plots for commercial project development to ensure transparency in the leasing process, according to director-general Patchara Anuntasilpa.



Under the proposed revision, the department will apply the processes used in approving the public-private joint investment under the Public-Private Partnership Act to government the way it rents the land plots. The draft amendment will be proposed to the Finance Ministry soon. The adoption of the same process in the PPP law to lease its lands will make its land lease process open to scrutiny and transparent, said Patchara. The department will hold a public hearing on the draft amendment this July before proposing to the finance ministry. The hearing is expected to take one month. 

The amendment law will not take effect retroactively on the projects developed before the amendment law comes into effect, Patchara added. The new law will not be applied to the lands to be rented for