Two loan sharks face 430 million baht in back income taxes

[Jonathan Fairfield]

Two loan sharks face 430 million baht in back income taxes

 

Two major money lenders who charged exorbitant interest rates on  loans they extended to their debtors and seized their assets after they defaulted are facing about 430 million baht in personal income taxes from the Revenue Department.

 

Pol Lt-Col Wichai Suwanprasert, director of the information technology litigation division of the Department of Special Investigation (DSI), said today that the DSI decided to resort to taxation as a punitive measure to deal with the two money lenders in the northeastern province of Chaiyaphum, Mrs Vilaiporn Thai-ngam and Mr Thanet Maleethong.

 

He alleged that the two money lenders lent out loans to many people in the northeastern provinces besides Chaiyaphum province and demanded exorbitant interest rates from the debtors many of whom were forced to put up their land title deeds as collateral for the loans and to agree to surrender their ownership of the title deeds to them if they default debt repayments.

 

Full story: http://englishnews.thaipbs.or.th/two-loan-sharks-face-430-million-baht-in-back-income-taxes/

 

 

-- © Copyright Thai PBS 2018-08-21

[bluesofa]

Interesting. Loan sharks bitten by stingray from the Tax department.

 

[seajae]

hahahahaha, what better way than to hit them for failure to pay taxes, if it was good enough for Capone it is even better for these pathetic excuses for humans, these people suck the life blood out of the poor so this is a perfect pay back to them, now they will lose everything

 

[stanleycoin]

Loan sharks in Thailand are truly the bottom of the barrel type.

they bring misery and suffering to the poor, a nasty business all round. 

 

[sammieuk1]

Follow the money and see who is behind it and who looks away for a fee and take the lot as its supposed to be illegal right?

[Moti24]

Loan-sharking's illegal, and yet the Revenue Department wants its pound of flesh!  That makes the Revenue Department an accomplice to the Loan sharks!  Is there any government department that isn't corrupt!

 

The correct thing to do would be to confiscate the assets and return the money to the poor people that were suckered into paying those exorbitant rates in the first place.

[DrTuner]

So revenue department is next scavenger in line after the loan sharks. Never mind where the $ came in the first place, gotta dip snout in that trough.

[coulson]

Government taking a cut of money extorted from the poor.

 

How noble.

[Retiredandhappyhere]

8 hours ago, Moti24 said:

Loan-sharking's illegal, and yet the Revenue Department wants its pound of flesh!  That makes the Revenue Department an accomplice to the Loan sharks!  Is there any government department that isn't corrupt!

 

The correct thing to do would be to confiscate the assets and return the money to the poor people that were suckered into paying those exorbitant rates in the first place.

My thoughts exactly.   The misery of the loan shark victims is compounded by the Revenue grabbing a large share of the ill-gotten gains, while the victims apparently get nothing.

[Jonmarleesco]

Isn't loan sharking illegal? I would be surprised if the revenue department can legally demand taxes from the sharks.