Legal and Tax Updates

Legal Update: Closing Vente Definitive of Economic Land Concession and Disinvestment of Land for Rubber Plantation

Issue: No. 021P/21 – 29 April 2021

In order to comply with the policy on strengthening land management, distribution and utilization system as stated in the rectangular strategy and as well as to strengthen and increase the effectiveness of the management of the economic land concession, the Royal Government has introduced the order No. 01 BB dated 07 April 2021 on Closing Vente Definitive of Economic Land Concessions (“ELCs”) and Disinvestment of lands for rubber plantations.

The foresaid Order aims to:

  1. Close the Vent Definitive and exchange of ELCs and disinvestment of lands for rubber plantations.
  2. ELCs may be permitted for Vente Definitive or exchange in part or whole in case that the company has used the budget to settle with the concerned people in order to invest on the land. The size of the land allowed for sale or exchange shall not exceed the amount of budget that the company has settled to those people and shall have specific plan in using the land.
  3. For the proposal of Vente Definitive or exchange of ELCs that has been approved in principle by the Royal Government prior to the issuance of this order shall continue to execute in accordance with the laws and procedure in force.
  4. For the proposal of Vente Definitive or exchange of ELCs that has been approved in principle by the Royal Government; however, failure to comply with the legal procedures and concession agreement, the Royal Government will revoke such ELCs.

Disclaimer

The article is merely for general information purposes. It does not constitute a legal advice on the subject matter. If you have any question or need any assistance, please feel free to contact us at contact@sithisak-lawoffice.com or (+855) 23 6373 168.

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