Land, inheritance taxes this year: PM

[Benmart]

the general has assets of 28 BILLION?!

anyone know how he amassed this fortune?

"There was a rumour that I told a bank official to hide my assets of Bt28 billion. If this rumour were true, I wouldn't be standing here. I would have handed it over to farmers and built something valuable for the country... and I would have just gone on vacation," he said.".

Re-read please. I didn't read where he said he had Bt28 billion.

The rumour, as I understand it, is that:

a. He had asked a bank official to hide (the fictitious) Bt28 billion.

b. He said that if the rumour were true, "I wouldn't be standing here...".

One can interpret the written and spoken word as they may. When the tendency is towards prejudgment and prejudice, then the outcome is often predictable.

[timewilltell]

Why don't they do a fair tax system. you spend it you pay tax. That way the rich will be paying more tax without all the fraud and cheating.

Been saying that for years. Abolish income taxes and put it all into sales taxes at various levels from zero to 100% and rigidly enforce it. Likewise with imports and exempt the exports. You would need some other rules to stop money being earned here and spent abroad but nothing as complicated as the gathering of income tax. Have a highly trained team of sales tax collectors, an even higher trained team of checkers to check the first lot of inspectors and an elite team of inspectors to check on both. Huge punishment for corruption. The rich wouldn't like it much and the poor would not be paying much since food and sustinance products would be exempt.

Sent from my iPad using ThaiVisa app

[Time Traveller]

This is great news for the financial planning and international banking industry!!!

There's going to be a lot of money made now that the rich will need to hide their assets offshore or in tax free entities to counter land taxes.

The moral to the story is Soldiers make good soldiers, but don't expect them to be good at anything else.

[pkspeaker]

The property and inheritance taxs will hit the poor and middleclass alot more than they let on.. most poor and middleclass rent, rent will be raised, owners of the land that slum shantytowns squat are more likely to throw them off and sell the land in order to avoid the tax.

[Bob12345]

the general has assets of 28 BILLION?!

anyone know how he amassed this fortune?

"There was a rumour that I told a bank official to hide my assets of Bt28 billion. If this rumour were true, I wouldn't be standing here. I would have handed it over to farmers and built something valuable for the country... and I would have just gone on vacation," he said.".

Re-read please. I didn't read where he said he had Bt28 billion.

The rumour, as I understand it, is that:

a. He had asked a bank official to hide (the fictitious) Bt28 billion.

b. He said that if the rumour were true, "I wouldn't be standing here...".

One can interpret the written and spoken word as they may. When the tendency is towards prejudgment and prejudice, then the outcome is often predictable.

I doubt the interpretation has much to do with prejudgment and prejudice.

His statement reads "There was a rumor", and to indicate what the rumor was the sentence continuous with "that I told".

So the rumor, how it is stated here, is not that he has Bt28 billion but that he had told a bank official to hide his assets.

If the rumor was also referring to his fortune he should have said "There was a rumor that I have assets of Bt28 billion and that I told a bank official to hide it".

In his defense; he made these statement (I assume) in Thai and this could just be "lost in translation" (which seems very likely).

[DrTuner]

As it's always been, keep the funds outside Thailand where the sticky fingers can't get them. A bit harder with the land, though.

[vogie]

the general has assets of 28 BILLION?!

anyone know how he amassed this fortune?

Army surplus.

Overtime and working Saturday mornings?

[Thai at Heart]

I think the General was saying he does not have 28 billion to hide.

Despite criticizing everyone, I like General Prayuth much more than anyone either side has ever fielded as a leader. The creator of the yellow shirts is a convicted criminal, as well as Thaksin. Both sides stink, but all politicians stink -- no matter how often they bathe.

On Friday, General Prayuth commented that there are rumors he is corrupt. I find it hard to believe he is corrupt. He has both hands on the reins here. He has no need to be corrupt at all. The General has all the power. Corruption is to gain power, so it seems a zero sum accusation to me.

I do not believe General Prayuth can fix all the graft and corruption problems in Thailand -- many go back to the nineteen thirties and include those he counts as friends. I do believe he is promising stability and at least a chance for change.

There are serious benefits and problems with this approach, two being that he cannot be bought and that he is not legally accountable. We guests live in interesting times.

Hmmmm. I share your disdain of politicians here, but Prayuth is a politician too. The advantage has over other politicians is that it is forbidden to report anything he does wrong.

Cronyism and corruption are just as prevalent in the army as they are elsewhere, unfortunately. He can say what he likes, but, like Sarit, we'll never hear the truth about what he does until after he is gone.

And note that its probably only in the last 10 years that there has been any scrutiny of politicians at all.

Anyone who believe that the head of the army is pure as the snow is delusional

[brucec64]

I'm not quite sure what the purpose of the NLA is - generally a government dicusses and debates issues.

In this case:

The NLA members praised Prayuth's policies, and other than offering a couple of proposals, they came up with no points that need to be debated by Cabinet.

"I would like to applaud the administration policy, particularly the one on protecting and honouring the monarchy... a practical framework has been laid down so relevant public organisation can operate more effectively," NLA member and academic Taweesak Suthakavatin said.

"I'd like to applaud the government's policies, which cover all of the [reform] dimensions," businessman Isara Vongkusolkit said.

It seems like the NLA can just be replaced by an applause and laugh track. They don't seem to do much else.

[icare999]

The property and inheritance taxs will hit the poor and middleclass alot more than they let on.. most poor and middleclass rent, rent will be raised, owners of the land that slum shantytowns squat are more likely to throw them off and sell the land in order to avoid the tax.

and if its no longer worth keeping with new taxes whose going to buy it. You should read a bit about basic supply and demand. Anyway as long as unlike UK inheritance tax is fairly low say 10% over 20 million baht then it wont be a problem IMO. In UK its 40% over a measly 315,000 gbp and only hits middle people since unless they have many millions its very costly to employ various very expensive tax accountants to use all possible ways around it. Unfair taxes is one but onto nil reason i left UK back in 1970's and have kept our assets in UK below inheritance tax threshold since then. I took rest out as soon as they abolished exchange controls (yes under socialists in bankrupt UK you were not allowed to take your money out of the country).

However if UK had a fair inheritance tax system i would not have minded my heirs paying 10 or 15%.

Provided Thailand keeps any IH tax only payable at say over 50 million baht and then say maximum 10-15% well still have most of our assets here. If not well just irk i and many have done in UK move it to a fairer place.

Ive worked all my life to build what consider a reasonable legacy which while it may seem very large to some is fairly modest and I'm not letting some government take it without a huge fight or easily. I do however believe in those like me who bare better off paying a reasonable amount to pay for a welfare system for those who deserve it but noir for as in UK millions of scum scroungers.

IMO any land or propertied tax should only be paid if its is to be fair on those very wealthy say those with over 50 million baht worth of property and land or better say only on individual bits worth over 10 million baht or in the case of land say over 5 rai.

[HerbalEd]

I think the General was saying he does not have 28 billion to hide.

Despite criticizing everyone, I like General Prayuth much more than anyone either side has ever fielded as a leader. The creator of the yellow shirts is a convicted criminal, as well as Thaksin. Both sides stink, but all politicians stink -- no matter how often they bathe.

On Friday, General Prayuth commented that there are rumors he is corrupt. I find it hard to believe he is corrupt. He has both hands on the reins here. He has no need to be corrupt at all. The General has all the power. Corruption is to gain power, so it seems a zero sum accusation to me.

I do not believe General Prayuth can fix all the graft and corruption problems in Thailand -- many go back to the nineteen thirties and include those he counts as friends. I do believe he is promising stability and at least a chance for change.

There are serious benefits and problems with this approach, two being that he cannot be bought and that he is not legally accountable. We guests live in interesting times.

Corruption is also to maintain power.

I'm hopefully/guardedly-optimistic and want them to succeed, but I'll be a lot more optimistic when the generals disclose their finances.

Edited September 13, 2014 by HerbalEd

[Anon999]

the general has assets of 28 BILLION?!

anyone know how he amassed this fortune?

Army surplus.

Are you dyslexic or just being crass? Quote:- "There was a rumour that I told a bank official to hide my assets of Bt28 billion. If this rumour were true, I wouldn't be standing here. I would have handed it over to farmers and built something valuable for the country... and I would have just gone on vacation," he said.

[jpeg]

Hmmmm, not sure. But the General has striking (some would say spooky) similarities with Sarit Thanarat, another popular coup maker who, upon his demise was found to have amassed a fortune of $140 million, that's around $600 million at today's rate.

Pray elaborate on "striking similarities"

Do your own research

So much to do, so little time to do it in.

You're rather unhelpful, my dear chap. As it is I'm afraid I might have to come to the preliminary conclusion that the only similarity not mentioned yet might be both gentlemen being generals.

How long does it take for you to GOOGLE it? And just what makes YOU think your time is more valuable than mine? Tad arrogant, what? You're like so many on here - can't be bothered to look it up for themselves and want (need, if they're very stupid) to have another poster do it for them.

I would've thought my posting the contents of my research would've been deleted under current forum rules anyway.

Hope you've managed to figure out a simple search engine. Old chap

Edited September 13, 2014 by jpeg

[halloween]

And note that its probably only in the last 10 years that there has been any scrutiny of politicians at all.

Anyone who believe that the head of the army is pure as the snow is delusional

And yet, for the head of a PTP government you demand proof?

[Anon999]

The property and inheritance taxs will hit the poor and middleclass alot more than they let on.. most poor and middleclass rent, rent will be raised, owners of the land that slum shantytowns squat are more likely to throw them off and sell the land in order to avoid the tax.

and if its no longer worth keeping with new taxes whose going to buy it. You should read a bit about basic supply and demand. Anyway as long as unlike UK inheritance tax is fairly low say 10% over 20 million baht then it wont be a problem IMO. In UK its 40% over a measly 315,000 gbp and only hits middle people since unless they have many millions its very costly to employ various very expensive tax accountants to use all possible ways around it. Unfair taxes is one but onto nil reason i left UK back in 1970's and have kept our assets in UK below inheritance tax threshold since then. I took rest out as soon as they abolished exchange controls (yes under socialists in bankrupt UK you were not allowed to take your money out of the country).

However if UK had a fair inheritance tax system i would not have minded my heirs paying 10 or 15%.

Provided Thailand keeps any IH tax only payable at say over 50 million baht and then say maximum 10-15% well still have most of our assets here. If not well just irk i and many have done in UK move it to a fairer place.

Ive worked all my life to build what consider a reasonable legacy which while it may seem very large to some is fairly modest and I'm not letting some government take it without a huge fight or easily. I do however believe in those like me who bare better off paying a reasonable amount to pay for a welfare system for those who deserve it but noir for as in UK millions of scum scroungers.

IMO any land or propertied tax should only be paid if its is to be fair on those very wealthy say those with over 50 million baht worth of property and land or better say only on individual bits worth over 10 million baht or in the case of land say over 5 rai.

" In UK its 40% over a measly 315,000 gbp and only hits middle people ". Facts, it is currently £325,000 for a single person and for a couple £650,000, married or partner. Furthermore there are many exemptions that can reduce the amount your beneficiaries may have to pay. A look at the HMRC website may help you to see the difference. Half the facts to suite your own agenda is never a good idea.

[halloween]

Why don't they do a fair tax system. you spend it you pay tax. That way the rich will be paying more tax without all the fraud and cheating.

Been saying that for years. Abolish income taxes and put it all into sales taxes at various levels from zero to 100% and rigidly enforce it. Likewise with imports and exempt the exports. You would need some other rules to stop money being earned here and spent abroad but nothing as complicated as the gathering of income tax. Have a highly trained team of sales tax collectors, an even higher trained team of checkers to check the first lot of inspectors and an elite team of inspectors to check on both. Huge punishment for corruption. The rich wouldn't like it much and the poor would not be paying much since food and sustinance products would be exempt.

Sent from my iPad using ThaiVisa app

Well that surely even things up, except when rich people buy their clothes, jewellery, and other expensive items abroad where they take their sales tax free holidays.

Flat sales taxes are inherently unfair because the poor spend their money on necessities. Exemptions and varied rates make the system complicated and open to corruption.

[rickirs]

The last I seen was that the proposed inheritance tax would only apply to Thai-based assets, ie., Thai stocks, real estate, Thai copyrights and patents, businesses. If that holds in final legislation, we might see a flood of liquidity going offshore, probably much in the same manner that Thaksin would have removed all his Thai-based assets so they could not be seized by the government when he skipped bail. S the saying goes, where's there a will, there's a loophole.

[rubl]

So much to do, so little time to do it in.

You're rather unhelpful, my dear chap. As it is I'm afraid I might have to come to the preliminary conclusion that the only similarity not mentioned yet might be both gentlemen being generals.

How long does it take for you to GOOGLE it? And just what makes YOU think your time is more valuable than mine? Tad arrogant, what? You're like so many on here - can't be bothered to look it up for themselves and want (need, if they're very stupid) to have another poster do it for them.

I would've thought my posting the contents of my research would've been deleted under current forum rules anyway.

Hope you've managed to figure out a simple search engine. Old chap

So you wrote about striking similarities from articles you think you cannot link to or quote here and you want me to google along with my Thailand based trueWIFI connection?

BTW it might be that unlike Gen. Prayuth Gen Sarit was a real son of the Earth, from NorthEast as well.

"He was born inBangkok, but grew up in his mother's home town in Lao-speaking northeastern Thailand and considered himself an Isan. His father, Major Luang Ruangdetanan (birth name Thongdi Thanarat), was a career army officer best known for his translations into Thai of Cambodian literature."

http://en.wikipedia.org/wiki/Sarit_Thanarat

Now as for the similarities, still wondering what you meant. The wiki page doesn't give much

http://en.wikipedia.org/wiki/Prayuth_Chan-ocha

PS searching and finding is easy, but it help if you know what you're looking for. I still don't know what to search for apart from "prayuth", "sarin", "similarity/similarities". Maybe add "against rules", or "blocked in Thailand" ?

[rubl]

The last I seen was that the proposed inheritance tax would only apply to Thai-based assets, ie., Thai stocks, real estate, Thai copyrights and patents, businesses. If that holds in final legislation, we might see a flood of liquidity going offshore, probably much in the same manner that Thaksin would have removed all his Thai-based assets so they could not be seized by the government when he skipped bail. S the saying goes, where's there a will, there's a loophole.

and Thais are good at exploiting loopholes. Mind you the proposals may be a good start. If we have to wait for all loopholes to be legally closed with all "i"'s dotted and "t"'s crossed we could be in for a long wait.

Still a follow up should be planned upon introduction of the "property and inheritance tax" and supporting laws.

[BSJ]

It seems silly to be pointing the finger at the General with accusations that he has gained wealth in a dubious manner in his many years of service. I think some people will try and find any excuse to sling off at the General, or others, when they do not have the facts to back it up.

My dad would say "Wake up muggin's, your dreaming again"!

[PhilipCook]

Hard to believe just 20 million pay tax because VAT is collected when buying goods and services, unless the untaxed only buy from informal sources. As for taxing inheritance and land holdings I have been saying that for as long as I have lived here. Maybe that way they can reduce the income tax to sub 30% in the near term thereby boosting disposable income and in turn consumer spending.

[Thanet]

The last I seen was that the proposed inheritance tax would only apply to Thai-based assets, ie., Thai stocks, real estate, Thai copyrights and patents, businesses. If that holds in final legislation, we might see a flood of liquidity going offshore, probably much in the same manner that Thaksin would have removed all his Thai-based assets so they could not be seized by the government when he skipped bail. S the saying goes, where's there a will, there's a loophole.

Ahaaaa ... those in the know will easily get around that

[Thanet]

Hard to believe just 20 million pay tax because VAT is collected when buying goods and services, unless the untaxed only buy from informal sources. As for taxing inheritance and land holdings I have been saying that for as long as I have lived here. Maybe that way they can reduce the income tax to sub 30% in the near term thereby boosting disposable income and in turn consumer spending.

Th threshold for personal income tax is 150,000 Baht per year.

People on or near the minimum wage don't make that.

[MJCM]

Can anyone explain to a layman with this means if you own a condo ? Do you have to start paying tax on the value of the condo ?

My wife already pays tax on the land that she owns up-country, she even gets a "bill" for this. It is not much something like 25 THB per Rai Per year. Is this Tax different then (or is that tax she pays just a village thing) ?

[max72]

The coffers must be empty, or why all these new taxes. Maybe he should travel to Scandinavia to get some new ideas about new taxes, they tried once "Dog Tax" in Sweden, it did not work out very well. Maybe he can Introduce "Buffalo Tax" 300 THB per animal per year, or a "Mia Noi" tax, ( progressive tax depending on how many Mia Noi's you got)

The difference is Scandinavian countries collect taxes to give back in services. Thailand collect taxes to fill the pockets of few ultra corrupt people and to buy weapons. Services for school, hospitals and elderies have all been cut in the past weeks.

More taxes, less service = more corruption and more misery

[max72]

Can anyone explain to a layman with this means if you own a condo ? Do you have to start paying tax on the value of the condo ?

My wife already pays tax on the land that she owns up-country, she even gets a "bill" for this. It is not much something like 25 THB per Rai Per year. Is this Tax different then (or is that tax she pays just a village thing) ?

Probably yes.

Residencial tax will be 1000 baht for every 1 million the value of the condo (last transaction or there will be a new study of its value ?).

But it is still not clear if this will apply only to Thais and residents or to foreigners too.

I already pay the taxes to my government for the condo i own in Thailand. This would be double taxation.

Anyway, expect the price of the properties to fall. I think between 3% and 5%.

[mikemac]

How long does it take for you to GOOGLE it? And just what makes YOU think your time is more valuable than mine? Tad arrogant, what? You're like so many on here - can't be bothered to look it up for themselves and want (need, if they're very stupid) to have another poster do it for them.

I would've thought my posting the contents of my research would've been deleted under current forum rules anyway.

Hope you've managed to figure out a simple search engine. Old chap

......................"I would've thought my posting the contents of my research would've been deleted under current forum rules anyway.".......................

Actually, I would not blame the mods for deleting any of your comments, the above included, they are 99% anti-junta propaganda.

The General would probably laugh if he read the many anti-junta comments posted on TVF. I doubt if he would take them to heart though, he is probably worldly enough to recognize red flavored troll propaganda when he sees it.

[max72]

Hmmmm, not sure. But the General has striking (some would say spooky) similarities with Sarit Thanarat, another popular coup maker who, upon his demise was found to have amassed a fortune of $140 million, that's around $600 million at today's rate.

Pray elaborate on "striking similarities"

Do your own research

So much to do, so little time to do it in.

You're rather unhelpful, my dear chap. As it is I'm afraid I might have to come to the preliminary conclusion that the only similarity not mentioned yet might be both gentlemen being generals.

Sarith government was less authoritarian. He allowed free press and criticism in the first years.Anyway, we are really off topic now.

Edited September 13, 2014 by max72

[jpeg]

So much to do, so little time to do it in.

You're rather unhelpful, my dear chap. As it is I'm afraid I might have to come to the preliminary conclusion that the only similarity not mentioned yet might be both gentlemen being generals.

How long does it take for you to GOOGLE it? And just what makes YOU think your time is more valuable than mine? Tad arrogant, what? You're like so many on here - can't be bothered to look it up for themselves and want (need, if they're very stupid) to have another poster do it for them.

I would've thought my posting the contents of my research would've been deleted under current forum rules anyway.

Hope you've managed to figure out a simple search engine. Old chap

So you wrote about striking similarities from articles you think you cannot link to or quote here and you want me to google along with my Thailand based trueWIFI connection?

BTW it might be that unlike Gen. Prayuth Gen Sarit was a real son of the Earth, from NorthEast as well.

"He was born inBangkok, but grew up in his mother's home town in Lao-speaking northeastern Thailand and considered himself an Isan. His father, Major Luang Ruangdetanan (birth name Thongdi Thanarat), was a career army officer best known for his translations into Thai of Cambodian literature."

http://en.wikipedia.org/wiki/Sarit_Thanarat

Now as for the similarities, still wondering what you meant. The wiki page doesn't give much

http://en.wikipedia.org/wiki/Prayuth_Chan-ocha

PS searching and finding is easy, but it help if you know what you're looking for. I still don't know what to search for apart from "prayuth", "sarin", "similarity/similarities". Maybe add "against rules", or "blocked in Thailand" ?

Whoa, no wait, besides the nothing you've posted above, I've just noticed your post count. And you've 'so little time and so much to do'!

BTW, I, along with other posters appear to be able to gain access to information, with a basic bloody TOT connection sans VPN or TOR So far

[ATF]

The whole point of having a land/property tax is to prevent landlords sitting on unused assets. Which is detrimental to Thailand's development. There are huge tracts of land in Bangkok and elsewhere that landlords just hold waiting for the price to increase. That overvalues adjacent land creating a false market.

Fluidity in both the property and land markets are required for Thailand to further develop it's property sector.