Aromaz

Best option is to Pay-Up. But before you pay go to talk to the bank and negotiate a better deal.

In other words - you can strongly negotiate down to the original amount and let them scrap the interest.

Banks are flexible when their options is between nothing and something.

Failure to pay might cause a complaint of Fraud (which is the case if you spend money you do not have).

Their arguement in court will be that;

"If you can afford to fly to Thailand and back home, then howcome you can't afford to pay your account."

Should you choose not to pay and go back home, it would be better not to come to Thailand for at least 10 years;

that is sort of the 'Satue of Limitation' on private debts.

Thaksin accused of stealing his own money ??

What exactly is the so called case of fraud, stealing, etc against Thaksin? I am sure most readers here do not even have the slightest clue!

When Thaksin came to office in 2001 he declared personal and spouse's assets to the value of Tb 15 billion. Most of that were 49.6% assets in Shin Corp.

That was AFTER he donated a majority of assets and investments to his ADULT children, other family members and associates - BEFORE he took up office as Prime Minister.

In the 2006 presentation the Military claimed his FAMILY assets was exceeding Tb 76 billion - claiming he became unusually rich during time in office.

His wealth grew because SHIN CORP grew exponental. Google "Shin Corp" and read a bit of how phenomenal their growth was. At that time AIS was part of Shin Corp under management of PM Yingluck Shinawatra!

So let us make a sum here: He had 49.6% shares remaining in Shin Corp. Shin Corp was sold for 73 Billion Baht in 2006. At that time, as is today still the same - Capital gains on company assets, land etc are not taxable in Thailand. Now, 49% of 74 billion is Tb 35.77 billion; add in the 15 billion he did retain in the beginning and the total is a round 50 billion. By the time of the court case the exchange rate was lower, money was not brought to Thailand and the so called fraud value of Tb 46 billion was applied. Much depends on what value of Tb/Forex you want to apply in this case.

How come the court case then? The military controlled regime made slight changes to the Revenue Law lat in 2006 - and under such changes Thaksin was found guilty. Even though those changes were made to the law AFTER he was already accused and couped. TiT. In worst case scenario, realistically if they really pushed the waggon maybe somehow they could claim he had to pay tax - and tax in this scase would be 30% of the profits - not capital gain, but give in to that - the amount wuld not be more than maybe 3 billion baht. Small change for Thaksin!

So what about the future?

I do not think Thaksin will return sooner than 18 months, probbaly only towards end 2013 (if we survive 2012).

There will not be a 'pardon' but I expect there will be new court cases, proper investigations by outside entity and a not-guilty verdict. PM Lingluck will remain her term, Thaksin will stand for the new elections in 2016 - if he is still alive and healthy enough in five years.

SHINAWATRA FAMILY WEALTH

It seems to me many posters here has it against Shinawatra money. They so called getting rich from fraud etc. Nobody cared to take a reality look, so let me offer you one issue. I am talking to those who actually do spend some time in Thailand. Here are some simple numbers:

AIS - Original first Thai mobile phone operator.

During 2004 their subscriber base was around 16 million users; in 2009 it was more than 28 million.

I know how often Thai's use their phones; but for the sake of this example let us say on general only 50% of the users only use their phone for one call in any 24 hour period. In 2004 that would be 8 million calls, then the rate was Bt 6 per call (1-2-Call). Income to AIS per day in excess of Tb 48 million per day;

Tb 1,4 billion per month and more than Tb 17 billion per year. The Shinawatra family, on that stage - owned about 48% of AIS. We all know the phone calls were much higher in number, but that I can't find in published material.

AIS were not the only money making business this family had; they are Old-Money, major property developers in Bangkok and Chiangmai for generations and has a number of other business activities and share holdings. There were also major shares in Air Asia, Shin Satellite (aka SATTEL/ THAICOM). Shin Sat launched their first SAT into orbit in 1993, #2 in 1994, #3 in 1997, iPSTAR was launche din 1005, ThaiCom #5 in 2006 . . .

ITV - yes that one even you can watch in English sometimes was established by Shin Corp in 1995, SC Matchbox Co. Ltd since 1991. To cut short the other names which you can find on Thai Stock exchange are ITAS, TMC, ADV, Shinee, MERRY STAKE and more.

Shin Corp (Holding co of AIS) was sold to Singapore Temasek Holdings in January 2006 for more than 73 billion baht (US$ 1.88 Bln at rate then of Tb39.12). Sale was because accusations of Thaksin's 'conflict of interest' and that sale to a non-Thai company caused a lot of conflict. Eventually it leads to the military coup, accusations of fraud and confiscations of money.

Guess how come Thaksin Shinawatra got his family money growing exponental? Oh and the so called corruption charges once against PM Yingluck was because she was accused of insider trading when she sold her shares in Shin Corp in 2006 - to Singapore! Why was the case thrown out of even the Abhisit ruled court? Any trader selling/buying less than 5% total shares can't be accused of insider trading.

How much shares did Lingluck Shinawatra own and sell? 0.68% of Shin Corp.

If you believe so much in the goodness and clever governing of the Shinawatra clan then maybe you could take a look at the inserted link below,and wake up.

http://www.jubileeso..._3/thailand.htm

Maybe it is you that should wake up? Your own reference is dated 2001 - that is one full year BEFORE Thaksin came into power.

Two years later the debt was reduced by about 30 % and four years later it was PAID OFF - while Thaksin was in power.

VIVA Yingluck Shinawatra ! ! !

I think many people here make the same mistake the EX-prime minister made. Folks, believe me Yingluck Shinawatra is a very strong minded business woman (as are most Thai women). do not underestimate this Tungsten Lady; and for campaign promises - she is going to do exactly as her older brother did - she is going to make it happen!

I came to Thailand soon after the economic collapse of 1997/1998. My first impression driving along the highways of Bangkok was that of countless buildings incomplete, somewhat looking like a war zone. The baht was trading at 47.00 to the US$, unemployment was massive since huge factories that employed thousands of workers closed down. Thailand, as with all ASEAN countries were in deep financial sh....

Thaksin came to power in 2001, I have lived here through the periods when Thaksin pulled Thailand out of that IMF debts. I remember the Amazing Thailand campaign; but for me it was amazing that Thailand paid its debts to the IMF off in 2006 - long before any of the others were even able to start paying back; and two years ahead of schedule. To this date Thailand and Singapore are the only two countries that paid their debts off. Since 2004 Thaksin embarked on a campaign to eradicate poverty; what he did for the man-on-the-street was amazing.

Unfortunately that was not loved by the Elite; lifting poverty will also result in educated general population and that will be threat to their comfortable lives. Thus they had to get him out, by whatever means, even if it means they have to replace high court judges.

Thus I do not care if Yingluck Shinawatra is a proxy or only being guided by her older brother. I can only see one good thing coming to Thailand.

It is remarkable when I look back on this past 12 years in Thailand to notice, during this past FIVE years of wrong government, how little was achieved when comparing it to the fast paced six years of S. Thaksin!

As for the political 'inexperienced sister'. This whole strategy of her party, brother's advice and time frame was a magnificent political move. Their opponents were completely caught off-guard, pants down. More than anything else I love her campaign; NEVER did she attack Abhist! It was a clear, clean, no-mud-or-pie-in-the-face-insults from her.

Flame away, guys :jap:

VIVA Yingluck Shinawatra ! ! !

No flaming from me CaptainFantastic. I have been here long time, doing business and I am happy to see a business mind back in the leadership of this beautiful country which I now call HOME!

I trust we are going to see a lot of surprise movements by this Lady with the pretty smile - AND strong personality of her own. Do not make a mistake Kn. Yingluck Shinawatra has tungsten steel in her own bones. She might not have political experience, but she definitely got business sense and that is going to make her a big winner.

Some might be painful;

1) Expect increase in minimum salaries and benefits for workers; but then I will be happy for that too. My workers are anyway paid well above minimum wages.

2) Oh and for corruption that was on the rise again - there is going to be a death blow from Tungsten Lady. She (and her Brother) has always been dead set against that.

3) Immigration will be tighten again; no problem for the welcome legal expats.

4) Taxes on those who have big money - will rise; for those who are common workers will reduce.

Shucks, I already feel sorry for Yingluck Shinawatra

All the changes she is going to implement is again going to be an advantage to the general population - and that is not loved by the Bangkok elite Establishment.

THAT my friends were the only mistake her older brother made. I do not believe he was guilty as charged.

We all know the magic and wonders that can be done in this lovely country. In Thailand reality can be stranger than fiction.

Remember, the EX-Military coup government had to replace at least four high court judges before they could bring charges.

First Female Prime Minister for Thailand.

First democratic elected government in five years.

But there is one more world winner: Now Thailand definitely has the prettiest Prime Minister anywhere in the world!

I for one am VERY happy, excited and look forward to a new era in Thailand (and in my own business again). I do not think anything better could have happened this year.

For those that lived through the 1997 economic disaster and that has been in business . . . We know the miracles Thaksin did.

It is a fact of history; go look at the Asian economic disater after the financial colapse in 1997.

Remember the thousandfs of semi-completed construction sites, the baht gone to 47 agains the USD, unemployment, bankrupsies et all.

To this day the neigbouring countries in ASEAN are still suffering.

Only Thailand got out of it, in the last year of Thaksin - Thailand even repaid all debts to the World Bank; clearing out the help they got.

A large number of devellopment sin Thailand got underway during his reign.

I know to a great extend Thaksin was not very Pro-Farang; but he really did a LOT of good for this country.

Imagine Thailand still be in the financial oposition like Indonesia, Laos and Cambodia.

THAT took a businessman to get thailand back on its feet.

I remain out of politics, not interested in it here or home BUT all respect and honour due to those who desrves it.

I am amazed at the people, including foreigners - failing to realize what S. Thaksin did for this country and its people; including foregn businesses.

When one comes to Thailand he/she should leave their home at home; do not expect Thailand to be the same as your home. Asia is Asia - it is a wonderful part of the world and wonderful people. It is NOT the same as your home country. If you do not like things here - the go back to where you came from. I am sure your standards there are high, qualified, excellent - and costly. There you call the electrician (and accept he is qualified else you have authorities to complain to) or the plumber and do accept his status means he has qualifications.

In Asia it does not work that way. Try to complain about an incompetent electrician or plumber .

If you want Thailand to be the same as your home country - better go back to your worderful home. What are you doing here?

Unfortunately the standards of education and Electricians in Thailand (Asia) most likely does not compare with that of your home country. Unfortunately it is also up to oneself to ensure your own living conditions and safety standards are of higher quality. Unfortunately if you rely on Local Electricians - you will find the lack of Earth wires, very silly and messy main board wiring and above all; absolutely no understanding of Earth Rods. Fortunately all soil in Pattaya region is clay like, usually damp to wet at less than 1 meter, thus no need to be very concerned about high educational testing. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office"

On the other hand; the earth is so 'dirty' with electrical currents from neighbours sometimes I wonder if and earth wire is really of safety value.

I found the very interesting issue when I helped various friends. Slamming (or mostly even hand push) a 2.5 meter earth rod into the soil and "Fluke" that to Neutral of main supply I get up to 94 VAC depending on location and time of day. About three years ago I even had 'Single Wire' 32W fluorescent tubes all my land - and posted Video to that effect on YouTube.

VIVA to those who discovered it is up to themselves to DIY their own lives in Asia including Thailand - and doing to efferts to learn how to do it before they foolishly start doing.

It is almost guaranteed that your house is NOT earthed at all.

Most likely you will not even find an earth wire in the wiring system.

Sometimes (seldom) it is there but only leads to main board; no earthing.

The fact that you do get shocks - more obvious your house is not earthed.

You can get electrician to do it; or you can do it yourself.

Presently staying in my 6th house in Thailand - this one I build. Previous five - no earthing.

Lastly: Welding rods....

Slightly off topic...Despite the tropical climate I haven't seen (and often get the "crazy farang" look in response to my queries) any shops that use welding rod ovens to keep the electrodes moisture free. Most guys (even hobbyists) in the States are somewhat fanatics about welding with dry electrodes.

Does your shop use electrode ovens? Or has anyone even seen them for sale?

No we do not use for welding rods. Do have system we use for fiberglass.

Usually packets of welding rods are sealed and once opened go very quickly; either by use of by rods walking out the back door.

I have seen some in real profesional shops i.e RC in Ban Chang and Marine engineering shops in Laem Chabang.

Even somewhat damp rods on very humid days does not make much difference in normal steel welding - Thai style, Thai quality.

That said, it is very easy to build one; heating element (like you can get in cheap water cooker) and steel box.

In your travels did you come across any MIG welders ? I know they are out there somewhere possibly wire only as opposed to gas as I really dislike ARC.

I have been using the WELPRO 200Y MIG welder and am quite happy with it.

I am in Pattaya and bought this from tool shop (BOSCH) next to bus station in Pattaya Nua road. Three years down the row, once had a small problem on machine and took it back. Was fixed in two days - free (Had to get spares from Bangkok)

All kinds of wires available - but usually order to collect in 2 or 3 days. This machine is running something like 6 hours every day in variety of work. Another place I found good service - and ample supply of gas is RC in Bang Chang.

As for small DC inverter stick welders: We also use WELPRO, 160 & 180A. Not had problems, but the punishment in factory is quite high. Average lifetime about 18 months. I would only recomend this for home use and small jobs - say about 3,000 hours or 150Kg rods is the expected lifetime. As with everything - all depends on your maintenance and give it a rest between every few welding rods. At least buy one with overheating/overload trip switch.

Maybe I am lucky, but of all the welding machines we tried over past 11 years Welpro lasted the best.

Now I am replacing all ARC welders with the MIG 200Y. Better quality, faster production and a fine on worker if not maintained. You can quickly see (and hear) if not maintained. Though the price is around Tb 28,000 now, I think over three year period these machines are saving money - not only replacement but also on material and electricity.

Lastly: Welding rods has a tendency to 'walk' out the door because every worker has his own machine at home or has friend and it is quite cheap to take a few rods every day from shop to his home. With MIG wire it is not so easy to hide and more important - not likely a worker will have a MIG machine at home!

Keeping money in a bank and expect to gain something; well not such wise choice. Buy gold or silver, keep it in your safe.

I bet you will make more profit in one month than interest from bank in 5 years. Some of my gold I bought back in 2001 at Tb 4,800 per Baht (Gold weight) now it is worth 21,800+

Also don't be fooled by Rate board - some have charges and above all - the Withholding tax too. Then comes the 30% odd income tax.

Gold is a much better deal on short to long term. But buy from a good trusted store to ensure correct certification.

I have many internation transfers - and with various banks.

Top of the list with regards to reliablility, speed - and cost is HSBC.

Good alternative is UOB. Bangkok Bank quite low on my list.

Anyway - best to keep your mobile phone, activate international roaming.

Locking a card when lost/stolen takes 6 minutes - I use DTAC and you can even do on-line if you have a statement with all required details.

Getting a new card in person DTAC = 1 hour, AIS is one day. Regardless you can keep account in Thailand and use automatic DIVERT all incoming messages in case not answered.

ALL banks in Thailand are now setting up to use One Time Password phone activation.

@ SIMON43;

If you are in Thailand and have business here (suspect from your message above)

Then it would be safe to assume you have workpermit too.

Here is what I have and I am regulary receiving large amounts of money (Yacht Factory)

1. Open a Thai Bank account and your preferred bank (Should have one anyway) - but for this you should open an account at a major branch or better the banks head office. IF you do personal account - Best because you are free from withholding and income tax. IF you do on business (Not recomend for this) - make sure you have exact documents on hand for purpose and prevention of all sorts of tax assaults. Even let bank stamp a copy for your declaration.

2. At same bank and branch you also open a FOREX account.

3. Simply transfer the funds to your FOREX account. Whenever the amount exceeds the bank's reporting level (change from bank to bank - Bangkok Bank is US$ 20,000, KTB and UOB is US$ 50,000) the bank will call you to go to any branch and complete a declaration for what the money is. Keep a copy; maybe sometime you want to send money out - good to have a collection of these incoming fund papers.

4. When you need it in Thai Baht, you negotiate with the bank first. The more you change at any given time, the better your rate. After all , they are traders. Usually better to sell forex at Friday PM and buy on Monday - but not always the case! Also reduced bank commission and free transfer between accounts in same branch.

5. I have accounts with UOB, KTB, SCB, Bangkok Bank and HSBC. US$ I found best value and willingness to trade at UOB - at the moment.

Last week I got US$ 84,000 in with Bank rate at Tb 30.84 I got trade at Tb30.76.

My recent experience and guide:

File your VAT forms and pay your VAT on time, monthly. VERY important.

Make sure your books are in perfect order. Obviously you need this else . . .

File for VAT return one month before you are due for PND50. (150 days after end of tax year)

RIGHT ON TIME - file your INCOME TAX report PND 50; About 30 days after VAT return is best. Hope fully you made some profit. If it is a loss on Income VAT Refund claims are difficult and will probbably be 'lost' until next tax year - or worst, they come and occupy your office for a month, scratching through all pieces of papers, go back to their office and work your case for another 12 months.

A word of causion: Always have your doccuments correctly in a file; how you file is your problem - as long as you can get a document quickly. Here I find the Thai way of millions of files a recipy for disaster.

NEVER keep ANY scraps of paper (or recycle as back of small receipts) laying around. When they come to inspect, they take and look at EVERYTING on / in your desk, computer, drawers, files - even waste bin. They do not only inspect your last year, they are most interested in your current operation. If they find something wrong, better for you to tell them "OK, sorry - forget about my VAT claim" and please . . . You will face very difficult times, been there.

What will happen next is they will dissect your Income tax report, then see you have to pay tax of say Tb 60,000.

Now they will call you / your accountant in and say:

"We have to pay your VAT return, but you have to pay us Income tax. "

Option #1 - we take income tax from your VAT and refund the balance - will take 3 to 6 more months

Option #2 - You go pay income tax, bring us receipt and we will mail your cheque end this month.

I had this good fortune of getting my VAT refund now two years in a row.

Nice Tb 274,450 in April 2009 and Tb 483,217 in March 2010.

Best of all: I did not even had inspection these two times. This year I do because my claim is very big.

Had inspection in another business four years ago - so I learned from my mistake. Scraps of note pads! If you are using an ACCOUNTANT - make sure minimum papers are around. They LOVE copies of copies, files on files - a truckload of papers is the norm of Thai. Cut down and make sure there are no excess of copies all over the place. Best lock that dam_n (*&^ photocopy !@#$% machine in your safe and refuse to pay for external photo copies.

ONE transaction, ONE document, NO other copies is the real best way to prevent any problems.

Lastly: AVOID Journal entries and corrections at ALL times. Can cause confusion. Confusion cause payment - from your pocket.

I would even be happy for 15K. My best quote is 40K.

It would depend on the amount of papers you have.

On average I have 100 purchase and 10 sales invoices per month,

30 employees and general journal with all transaction in MS-Excell

sorted by day and month. All papers nicely sorted according to Journal.

Past 4 years annual filings on time and above legal.

Yet - quote me Tb 15,000 and I'll kick my Auditor company out the door.

Plastic bags became an item of shame in South Africa a number of years ago.

I think since late 1990's. In shops you can buy a plsatic bag to cary things,

but everybody are 'conditioned' to rather bring their own. Also very little

plastic bottles for drinks. Besides, a strong culture of recycle took life there;

More readilly available are paper bags from recycled material.

Even in Thailand where poor people can make something like 200 to 500

bt per day by just picking up plastic bottles and drinks cans.

The other day I even saw a farang on Pattaya beach scavanging in a bin for

cans and bottles. Another known Thai face on the beach told me sometimes

he can collect as much as 500bt in a singel day. Only 1,000 cans!

Personally: My full support to get rid of plastic bags - completely.

Fishing out of Pattaya surely will not include any fish - unless you want to call a few small aquarium sizes a good catch!

Have to go quite a distance into the gulf - which is on average only 30m deep!

Best options is from Satahip further south to Trat. Can rent boats from Ocean Marina, Rayong and Koh Chang.

There are no profesional outfits anywhere along this Gulf of Thailand coast - yet.

That option is out. For a new company you will get 1 to 3 month visa/work permit. After which you have to prove income and tax payments; as well as payment of tax and social security for your employees - else a big long letter and many questions to get another 3 month grant.