Thaksin's Children To Be Forced To Pay Income Tax At 37 Per Cent Rate

[Jai Dee]

Thaksin's children to be demanded to pay income tax at 37 per cent rate

The Revenue Department will demand two children of ousted prime minister Thaksin Shinawatra to pay personal income tax for proceeds from the sale of Shin Corp shares to Temasek, the department chief said Tuesday.

"I yesterday [Monday] ordered tax officials to proceed legal procedure to collect personal income taxes from Panthongtae and Pinthongta, and the tax amount would be about 37 per cent of income from shares transaction of 329.2 million shares," Sirote Swasdipanich, director general of the Revenue Department told reporters Tuesday.

He said he had informed Deputy Prime Minister and Finance Minister M R Pridiyathorn Devakula about the plan to demand the two to pay the taxes.

According to the tax law and regulation, Panthongtae and Pinthongta son and daughter of Thaksin has to pay personal income tax by 30 September, a half year tax payment for income rather than salary earning. But they did not file tax payment so the department has to proceed legal action by inviting them to report to officials.

Source: The Nation - 7 November 2006

[otherstuff1957]

Sweet!

[Plus]

Now that's a progress. It's an announcement that would be difficult to back up from. Comes at the same time as the government is asking ITV to pay 74 bil in fines according to court rulings.

Just to little checks and Thailand will have a balanced budet next year. Problem solved.

These latest moves are beautiful - they attack Thaksin and destroy his reputation among his supporters without actually charging him with anything. How can he play a victim now? They are not taking anything of his!

[Thaising]

Hit his pocket first where it hurts most.

[ratcatcher]

Hit his pocket first where it hurts most.

The opposition to Thaksin are not idiots. They are playing a clever game. Slowly but surely they will find ways to let the air out of that man's tires. In a few months or maybe a couple of years he won't be as arrogant as he still is.

In his years in power, he managed to p*ss off a lot of powerful people.

His chickens are coming home to roost as they say.

Perhaps the new government can find sensible ways to get the proceeds from Thaksin's ill gotten gains back into the hands of the poor farmers and other misled supporters that he cleverly conned.

'Tis but to hope.

Edited November 7, 2006 by ratcatcher

[opothai]

that's a big hole in their pocket money daddy gave them,

did daddy tell them to save up and pay thier taxes like every body else.

or did he forget i wonder??

[Briggsy]

Thaksin clan does have an enormous fortune. How much is the bill and what percentage of the total fortune is it?

[Plus]

It's not the size, he will never be left starving. It's the principle that hurts most.

[PeaceBlondie]

Remember, the American Internal Revenue Service is the only agency to indict the great gangster, Al Capone: for income tax evasion!!

Verrrrrrry cleverrrrrrrrrrr.

[skippybangkok]

Remember, the American Internal Revenue Service is the only agency to indict the great gangster, Al Capone: for income tax evasion!!

Verrrrrrry cleverrrrrrrrrrr.

mmmm... since he lived in the USA, I guess thats the only place he could be indicted ?

Edited November 7, 2006 by skippybangkok

[The Dan Sai Kid]

Remember, the American Internal Revenue Service is the only agency to indict the great gangster, Al Capone: for income tax evasion!!

Verrrrrrry cleverrrrrrrrrrr.

mmmm... since he lived in the USA, I guess thats the only place he could be indicted ?

I think PB is refferring to the fact that the IRS managed to do what the FBI couldn't.

[PeaceBlondie]

Remember, the American Internal Revenue Service is the only agency to indict the great gangster, Al Capone: for income tax evasion!!

Verrrrrrry cleverrrrrrrrrrr.

mmmm... since he lived in the USA, I guess thats the only place he could be indicted ?

I think PB is refferring to the fact that the IRS managed to do what the FBI couldn't.

Yes, that was my point. If you can't get them for theft, get them for concealment of assets. In fact, it was probably by the net assets method of indirectly determining income, by which we (the IRS) caught Capone. Or, you can get a public figure for lying under oath (Clinton, Cisneros, others).

[skippybangkok]

LOL... I kinda figured there was more to it, but not being familiar with the US, did knot know why he was pigeon holed, only knew he was.

[isaanbrit]

ooohhhh - lets all hate taksin. Lets hope he becomes poor.

You guys all sound a little jealous that Taksin has managed to make it so big in his life. What did he use to get there? His brain. He is a very clever man, obviously, and has made millions of dollars and also done his lttle bit of good along the way (increasing the average wage etc) So he made a few mistakes - dont we all?

Now he has been deprived of his job and his face, isnt that enough. Let the poor guy alone.....

[sriracha john]

Now that's a progress. It's an announcement that would be difficult to back up from. Comes at the same time as the government is asking ITV to pay 74 bil in fines according to court rulings.

Just to little checks and Thailand will have a balanced budet next year. Problem solved.

These latest moves are beautiful - they attack Thaksin and destroy his reputation among his supporters without actually charging him with anything. How can he play a victim now? They are not taking anything of his!

This is progress and I believe they could balance the budget with the money... particularly as the iTV fine has gone up even further.

PM's Office permanent secretary Julayuth Hiranyawisit said yesterday a panel overseeing the concession contract calculated total fines, plus interest, were now Bt94.06 billion.

- The Nation 11/07/06

[sriracha john]

ooohhhh - lets all hate taksin. Lets hope he becomes poor.

You guys all sound a little jealous that Taksin has managed to make it so big in his life. What did he use to get there? His brain. He is a very clever man, obviously, and has made millions of dollars and also done his lttle bit of good along the way (increasing the average wage etc) So he made a few mistakes - dont we all?

Now he has been deprived of his job and his face, isnt that enough. Let the poor guy alone.....

There's lots of reasons to hate Thaksin. Just speaking for myself, it's that he is directly as well as indirectly responsible for the murder of 4,000 Thais. I don't care if he was Bill Gates or a homeless bum, I'd hate him.

I'll leave him alone when he's in the crematorium.

Edited November 7, 2006 by sriracha john

[womble]

ooohhhh - lets all hate taksin. Lets hope he becomes poor.

You guys all sound a little jealous that Taksin has managed to make it so big in his life. What did he use to get there? His brain. He is a very clever man, obviously, and has made millions of dollars and also done his lttle bit of good along the way (increasing the average wage etc) So he made a few mistakes - dont we all?

Now he has been deprived of his job and his face, isnt that enough. Let the poor guy alone.....

No he's a very devious man, he has proved that his business mind is not good, all those failed businesses show that.

What he is good at is paying bribes to win concessions and monopolies.

I doubt we will see taxin ever running a business in the west.

He could never survive on a level playing field.

[sriracha john]

since The Nation article didn't actually specify the amount of the tax:

Thaksin's children asked to pay Shin tax

The Revenue Department has reversed its original ruling, and issued a demand for the son and daughter of former prime minister Thaksin Shinawatra to pay taxes on the sale of their Shin Corp shares. Sirot Sawadpanish, the director-general of the Revenue Department said the two could owe 5.8 billion baht.

Continued here:

http://www.bangkokpost.com/breaking_news/b...s.php?id=114062

Edited November 7, 2006 by sriracha john

[chechoie]

If they have to pay tax on the transaction, doesn't that mean that the

transaction was legal?

I mean, the tax office would not collect tax on an illegal deal , would they?

I think the people who are after Mr. Taxin would be well advised to take

their time and put their case together in a clear and consice manner, otherwise

Mr. T's lawyers will tear it to shreads.

[farangsay]

I'm not sure if the transaction was illegal but it was dubious

from what I've read. They bought the shares at 1b and sold

a day or to later to Timawhatsit for 48/49b.

Normally , if you owe this kind of back taxes , you might

have trouble leaving the country.

Hope they don't turn up tomorrow in England , OK?

[womble]

you can be taxed on illegal deals too. He sold shares through the stockmarket that should be taxed whether or not it is proved to be a legal sale or illegal sale

[ratcatcher]

ooohhhh - lets all hate taksin. Lets hope he becomes poor.

You guys all sound a little jealous that Taksin has managed to make it so big in his life. What did he use to get there? His brain. He is a very clever man, obviously, and has made millions of dollars and also done his lttle bit of good along the way (increasing the average wage etc) So he made a few mistakes - dont we all?

Now he has been deprived of his job and his face, isnt that enough. Let the poor guy alone.....

I sincerely doubt that there are many members of this forum who are 'jealous' of Thaksin Shinawatra.

He used family connections, connivance and coercion to make it big in the telecomms field. On his way up he pushed a lot of people down. Not unheard of in big business of course but not particularly admirable.

As for doing his "little bit of good", it wasn't his money that he used to do it and he bought his way to popularity with the poor and uneducated. Since Thailand is so divided by class, the poor welcomed his shows of largesse with what amounted to other people's money.

Adolf Hitler also did his 'little bit of good'. He ordered "The People's Car" to be created by Ferdinand Porsche and the world got the Volkswagen ,he also demanded new highways and Germany got the autobahns. Many other great engineering and scientific advances were made by Germany under the Feuhrer including development of the jet engine but he was also responsible for the deaths of millions of Jews,Slavs,Poles and other so called (by the Nazis)"Inferior Races".

Thaksin also professes to be a Buddhist, but looking at his track record I doubt he will find enlightenment.

So don't be too quick to praise Old Square Face, he's no hero.

[John K]

Well let me see here, so far everyone who is associated with Thaksin is taking a hit, Including his wife and children. So far more or less Thaksin is clean but I admit to not have been reading the new topics the last few days. But what I am pointing out is how low he has gone to protect himself.

[Plus]

They collect taxes on income. If the deal turns out to be illegal so what? Tax refund perhaps?

"Leave poor Thaksin alone" - does it mean stop collecting taxes from his family anymore as they made a few mistakes (in paying taxes)?

Besides, in Thaksin's own words, he had nothing to do with the sale. It was his children all alone who planned and executed largest corporate takeover in Thailand ever.

According to him it's not his money anyway, they have never been declared as his assets.

As for average income - they never showed what that income was in real terms, minus 4-6% a year inflation. I bet there's nothing spectacular about this growth for a booming economy.

[mongoose]

Thaksin's children to be demanded to pay income tax at 37 per cent rate

shares transaction of 329.2 million shares,"

Source: The Nation - 7 November 2006

Is 329.2 million shares all they sold? Seems a bit short of the total amount of the sale to me. Does anyone know the actual total they sold?

[bino]

Is 329.2 million shares all they sold?

I don't agree with this figure either.....

How did they manage to sell 0.2 of a share?

[chechoie]

I think the people who are after Mr. Taxin would be well advised to take

their time and put their case together in a clear and consice manner, otherwise

Mr. T's lawyers will tear it to shreads.

I stand by my previous statement above.

Get it right, or it, (the lawyers), will come back to bite you in the arse.

[helicoptor]

It's not the size, he will never be left starving. It's the principle that hurts most.

This is the point - if anything it is showing the people that his actions will not go unnoticed and hopefully this is the start of a few small 'wins' out of the battle.

[Tony Clifton]

ooohhhh - lets all hate taksin. Lets hope he becomes poor.

You guys all sound a little jealous that Taksin has managed to make it so big in his life. What did he use to get there? His brain. He is a very clever man, obviously, and has made millions of dollars and also done his lttle bit of good along the way (increasing the average wage etc) So he made a few mistakes - dont we all?

Now he has been deprived of his job and his face, isnt that enough. Let the poor guy alone.....

His only cleverness was to surround himself with legal experts and thinkers with knowledge on how to bend the rules over and over. I knew people like that, criminals and members of the mafia.

[sriracha john]

Besides, in Thaksin's own words, he had nothing to do with the sale. It was his children all alone who planned and executed largest corporate takeover in Thailand ever.

According to him it's not his money anyway, they have never been declared as his assets.

well... Mr. Panthongtae certainly looks the part of an astute business genius that masterminded the entire transaction:

I'm sure any Fortune 500 company would be very pleased to have him sit as their Board of Directors as Chairman.

Edited November 7, 2006 by sriracha john