Bangkok: The Stock Exchange of Thailand (SET) has put forward a proposal to the Prime Minister, urging immediate reforms in the Thai capital market to enhance investor confidence and stimulate economic growth.

According to Thai News Agency, the proposed changes include a legal guillotine aimed at reducing bureaucratic redundancy, which is anticipated to boost GDP growth by 0.89%.

Professor Kitipong Urapipatanapong, Chairman of SET, after discussions with Prime Minister Anutin Charnvirakul and the Economic Cabinet, emphasized the need for legislative amendments through an Omnibus Law. This comprehensive reform aims to streamline business operations, expand the investor base, and adjust the tax structure to ensure fairness and reduce inequality.

The proposal outlines three primary areas of focus. First, the implementation of the Regulatory Guillotine project seeks to eliminate outdated regulations, potentially saving the private sector 134 billion baht annually-equivalent to 0.89% of GDP. Second, reforms in the capital market intend to attract New Economy businesses and introduce new financial products, thereby increasing capital influx. Third, a restructuring of the tax system is proposed to expand the tax base, adjust rates, and utilize technology for efficient tax collection.

The chairman expressed confidence in the swift implementation of the legal guillotine, with expectations of seeing results within two months. He also noted the Prime Minister’s assurance that economic ministers would not interfere politically, increasing the likelihood of the proposal’s acceptance and continuity in future governmental agendas.