Thai competition authority rebrands itself from OTCC to TCCT
The TCCT's logo and website have also been changed to correspond with its new official English name. This is mainly to incorporate "Thailand" into the name for easier reference, especially in the international community.
The changes became effective from 1 January 2022.
TCCT publishes new manual on the application of the credit term guidelines
The authority recently issued a manual to elaborate on certain provisions of the guideline on fair commercial practices relating to credit terms with small and medium enterprises. The manual was issued on 8 December 2021 just prior to the credit term guidelines becoming effective on 16 December 2021.
The manual emphasizes the following:
- the small and medium enterprise (SME) criteria is based on either one of the following thresholds: (i) the number of employees at the time when the contract is made; or (ii) the annual turnover of the previous year;
- the guidelines provide a specific definition of SMEs which is slightly different from the definition under the Small and Medium Enterprise Act 2000 ("SME Act"). Therefore, for the purpose of the guideline, the definition under the SME Act should not be applied;
- the guidelines also apply to transactions where both parties are SMEs; and
- the obligation on SMEs to provide a proof of its SME status may be waived between the parties.
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