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

[sriracha john]

Thaksin children to 'cooperate'

Panthongtae and Pinthongta will explain Ample Rich share deal, lawyer says

The Shinawatra children will cooperate with the Revenue Department by presenting written and verbal explanations on Nov 27 about the Ample Rich deal, a family lawyer said yesterday. Noppadol Pattama told a press conference that his clients, Panthongtae and Pinthongta Shinawatra, will obey the department's summons served on Nov 11. But he maintained the siblings' purchase of 329 million shares for one baht each from Ample Rich on Jan 20 was legitimate. The two and other members of the Shinawatra and Damapong families then sold off their stakes to Temasek Holdings on Jan 23 for 73 billion baht, or 49.25 baht per share. On Monday, the department said it will tax the pair on the gains made by buying the shares from Ample Rich, a firm set up in the British Virgin Islands, for one baht versus the market price during the transaction, which was over 40 baht. Noppadol said the case might go to court. The Supreme Court's tax division, not the department, has final say whether to tax Mr Thaksin's children, he added.

Continued here:

http://www.bangkokpost.com/News/12Nov2006_news07.php

[Chang_paarp]

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.

Hate to be the one to tell you this, but the tax office often sits in drug and criminal trials in Au and other countries. So even if the poor sucker gets prison for his/her drug empire, they had better have decared the income and paid taxes or they WILL get some unpleasant letters from the tax office. Some of the witnesses get the visit too because they admit to income not declared.

(Edited to include correct quote)

Edited November 12, 2006 by Chang_paarp

[Tony Clifton]

Panthongtae and Pinthongta will explain Ample Rich share deal, lawyer says

Oh boy... They're in for two weeks of round the clock intensive "Clockwork Orange" style training in order to remember all the details about the Shin sale as they only lent their names to get the deal going. Don't forget to tick the little checkboxes this time around.

[gmac]

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.

Level playing field in the west - I don't think so!! There are just as many bungs and corruption going on in the West - Look at George Bush and his cronies. Who rebuilds all the countries he destroys with his "Shock and Awe"?

[sriracha john]

Panthongtae and Pinthongta will explain Ample Rich share deal, lawyer says

Oh boy... They're in for two weeks of round the clock intensive "Clockwork Orange" style training in order to remember all the details about the Shin sale as they only lent their names to get the deal going. Don't forget to tick the little checkboxes this time around.

If history is any indication, Panthongtae will have a "cheat sheet" tucked into his sock during the questioning as his ability to recall facts is rather feeble.... same as did when he cheated on university exams while at Ram. University.

[womble]

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.

Level playing field in the west - I don't think so!! There are just as many bungs and corruption going on in the West - Look at George Bush and his cronies. Who rebuilds all the countries he destroys with his "Shock and Awe"?

Hmmm, maybe I should have put - A more level playing field then.

The west is not perfect, not by a long shot, and yes corruption does exist.

But it is considerably more transparent than Thailand.

Ask any fund manager............

As for rebuilding, perhaps it will be Iran doing that?

Edited November 13, 2006 by womble

[johnnyk]

Mr. T would be eaten alive on Wall Street or in The City where biz smarts are coupled with aggression and education. Goon squads with baseball bats don't ensure success in those places.

[Jai Dee]

DPM Pridiyatorn to instruct urgent examination on tax avoidance relating to Shin Corp's share sale

M.R. Pridiyathorn Devakula (ปรีดิยาธร เทวกุล), the Deputy Prime Minister and Finance Minister, has indicated that he will urge a Finance Ministry-appointed committee to urgently examine the case of tax avoidance by offsprings of the outsted prime minister Thaksin Shinawatra.

His interview follows the National Counter Corruption Commission’s (NCCC) probe finding odd points in the share distributions of Shin Corp and the Shinawatra Computer and Communication Company of Mr. Bannapoj Damaphong (บรรณพจน์ ดามาพงศ์), step-brother of Khunying Potjaman Shinawatra (คุณหญิงพจมาณ ชินวัตร).

M.R. Pridiyathorn said that the committee has been set up to specially deal with the matters. All involved in the case will be allowed to clarify facts.

As for some officials of the Revenue Department who have been alleged to get involved in the tax exemption of Shin Corp’s share distribution, he said that all units will be given fair treatment based on facts.

Source: Thai National News Bureau Public Relations Department - 13 November 2006

[sriracha john]

Also being investigated:

The gift of 738 million baht Potjaman Shinawatra made to her brother Bannapot Damapong in 1997.

"Awwww gee... thanks, sis.. you're so nice... and it's not even my birthday... you're a great sister"

Mr Bannapot used the money to buy Shin Corp shares from the Shinawatra family's maid in the same year.

*soooo... she makes a cash gift to her brother in order for him to buy stock shares from her maid who had been given the stock shares by her for nothing in the first place....... is that about it????

Sounds completely normal and all above board to me.*

:D

''We will continue to investigate this transaction as the statute of limitations is due to expire in one year and two months,'' said Mr Viroj Laohaphan, chief of the investigation team.

http://www.bangkokpost.com/News/11Nov2006_news01.php

UPDATE

and the conclusion of all these convuluted, shenanigans of Thakky's kinfolk is.....................

Bannaphot evaded tax on shares from Pojaman

An Asset Examination Committee (AEC) panel yesterday concluded that Bannaphot Damapong evaded paying personal income tax on Bt738 million worth of shares transferred to him by Khunying Pojaman Shinawatra in 1997.

AEC spokesman Sak Korsaengruang said the panel would propose that the AEC file a complaint with the police calling on the Revenue Department to collect the tax from Bannaphot.

Bannaphot became Pojaman's elder brother after her parents adopted him.

Pojaman transferred 4.5 million shares in the listed company Shinawatra Computer and Communication to Bannaphot from her maid, Duangta Wongpakdi, who had been her nominee. The shares had a market value of Bt164 apiece when the transaction was signed on November 7, 1997, putting the value of the deal at Bt738 million.

The shares were among the assets that landed then prime minister Thaksin Shinawatra in the Constitution Court in a bitter asset-concealment case. Thaksin was accused of concealing his wealth by transferring shares to his domestic staff. He was later acquitted.

The Revenue Department had earlier ruled that Bannaphot was exempt from paying personal income tax on the shares because the transfer had been conducted in accordance with Article 42 of the Revenue Code.

Pojaman had claimed the share transfer was not an attempt to conceal assets but a wedding gift to her brother.

The explanation met great scepticism as the "gift" was given two years after the wedding. ... what laughable crap ... and Pojaman is supposedly the smart one in the couple.

The AEC will also press the Revenue Department to seek a jail term of up to seven years for Bannaphot as well as a fine of up to Bt200,000.

OUCH!!!!!! modify the first post to read, "Awwww gee... screw you, sis.. you're so nasty... I'm screwed... and it's not even my birthday... you're a sister from h**l"

If the Revenue Department arrives at a different conclusion than that of the AEC panel, it must provide sound reasons, Sak warned.

"We have arrived at a conclusion that is in accordance with the law. I don't believe the Revenue Department will have a problem [with the conclusion]," he said.

Sources say Bannaphot will have to pay retroactive taxes of Bt546 million, or twice the 37 per cent he was allegedly required to pay.

- The Nation

-----------------------------------------

well, the kids are getting hit paying up with gigantic fines and huge back taxes....now, the brother-in-law is likely going to go the same route PLUS jail time.

and where's Thakky hiding out today?

Edited November 13, 2006 by sriracha john

[cclub75]

and the conclusion of all these convuluted, shenanigans of Thakky's kinfolk is.....................

Okay, okay, we have committees, panels, and conclusions, and proofs, and discussions, etc.

The question is : next step from a practical point of view ?

I mean : we have the "conclusion" of the ad hoc "committee" regarding the nominees issue for the Shin deal since 2 months.

And they are still talking.

I will believe all this circus when :

-a decision of freezing assets will be taken

-a justice decision about fines and/or jail term will be taken.

Anyway, Thaksin's clique will play the legal process until the end... And we all know how efficient can be the thai judiciary system....

So the water will have time to flow under Rama 9 bridge before ANY practical moves...

[sriracha john]

I think that unlike Thaksin's rapid-fire system of justice, which usually meant quickly putting a bullet into someone's head, the current system is a bit more methodical and thus requires a little more time than taking the safety switch off on a handgun.

Edited November 13, 2006 by sriracha john

[johnnyk]

Also being investigated:

The gift of 738 million baht Potjaman Shinawatra made to her brother Bannapot Damapong in 1997.

"Awwww gee... thanks, sis.. you're so nice... and it's not even my birthday... you're a great sister"

Mr Bannapot used the money to buy Shin Corp shares from the Shinawatra family's maid in the same year.

*soooo... she makes a cash gift to her brother in order for him to buy stock shares from her maid who had been given the stock shares by her for nothing in the first place....... is that about it????

Sounds completely normal and all above board to me.*

:D

''We will continue to investigate this transaction as the statute of limitations is due to expire in one year and two months,'' said Mr Viroj Laohaphan, chief of the investigation team.

http://www.bangkokpost.com/News/11Nov2006_news01.php

UPDATE

and the conclusion of all these convuluted, shenanigans of Thakky's kinfolk is.....................

Bannaphot evaded tax on shares from Pojaman

An Asset Examination Committee (AEC) panel yesterday concluded that Bannaphot Damapong evaded paying personal income tax on Bt738 million worth of shares transferred to him by Khunying Pojaman Shinawatra in 1997.

AEC spokesman Sak Korsaengruang said the panel would propose that the AEC file a complaint with the police calling on the Revenue Department to collect the tax from Bannaphot.

Bannaphot became Pojaman's elder brother after her parents adopted him.

Pojaman transferred 4.5 million shares in the listed company Shinawatra Computer and Communication to Bannaphot from her maid, Duangta Wongpakdi, who had been her nominee. The shares had a market value of Bt164 apiece when the transaction was signed on November 7, 1997, putting the value of the deal at Bt738 million.

The shares were among the assets that landed then prime minister Thaksin Shinawatra in the Constitution Court in a bitter asset-concealment case. Thaksin was accused of concealing his wealth by transferring shares to his domestic staff. He was later acquitted.

The Revenue Department had earlier ruled that Bannaphot was exempt from paying personal income tax on the shares because the transfer had been conducted in accordance with Article 42 of the Revenue Code.

Pojaman had claimed the share transfer was not an attempt to conceal assets but a wedding gift to her brother.

The explanation met great scepticism as the "gift" was given two years after the wedding. ... what laughable crap ... and Pojaman is supposedly the smart one in the couple.

The AEC will also press the Revenue Department to seek a jail term of up to seven years for Bannaphot as well as a fine of up to Bt200,000.

OUCH!!!!!! modify the first post to read, "Awwww gee... screw you, sis.. you're so nasty... I'm screwed... and it's not even my birthday... you're a sister from h**l"

Tough <deleted> Bonnaphot, you were adopted so you're not really my brother!

[tropo]

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.....

Yes, agreed. The guys posting here are a bunch of jealous haters running their own kangaroo court.

Don't worry guys, 37% of a fortune will not leave them poor.

I know most of you would disagree, but I'd be hoping that Thailand hits harder times and the economy declines. The major reason that most of you are here is that it's a cheap country in which to reside. It's the poverty that's made it a playground for foreigners, but you all forget that.

If Thailand wasn't doing so well through zillions of foreigners investing so much money, they might not have started making it more difficult for us to stay. The richer Thailand becomes, the less liveable it will become for foreigners.

It seems that most of you forget what side you are on. The Thais never forget.

[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.....

Yes, agreed. The guys posting here are a bunch of jealous haters running their own kangaroo court.

Don't worry guys, 37% of a fortune will not leave them poor.

I know most of you would disagree, but I'd be hoping that Thailand hits harder times and the economy declines. The major reason that most of you are here is that it's a cheap country in which to reside. It's the poverty that's made it a playground for foreigners, but you all forget that.

If Thailand wasn't doing so well through zillions of foreigners investing so much money, they might not have started making it more difficult for us to stay. The richer Thailand becomes, the less liveable it will become for foreigners.

It seems that most of you forget what side you are on. The Thais never forget.

http://www.thaivisa.com/forum/index.php?s=...st&p=974633

btw, which is more? A zillion or a bazillion?

I'd be hoping that Thailand hits harder times and the economy declines

and thank for wishing ill-will on Thailand

I don't think I'll be giving you anymore advice on your immigration stamps...

[tropo]

and thank for wishing ill-will on Thailand

I don't think I'll be giving you anymore advice on your immigration stamps...

Ok, I see where you're coming from. You hate Thaksin because of the deaths of 4,000 Thais that he's indirectly responsible for. It's about the same as hating the Commander in Chief of the US for the death of so many Americans in Iraq. Leaders make command decisions, that's the nature of leading a country...and sometimes they don't quite work out as planned.

[Plus]

I think drug war was a success, it went even better than planned. Even with thousands killed, no one raised a stink. What more could Thaksin hope for?

He should got all the credits, and he should get all the blame, too. After all it was his policy to punish those who didn't kill enough to meet the targets.

[womble]

Absolutley.......

He took and wanted to take all the credit for the war on drugs.

You can't have it both ways, if you want the credit for the successes then you also have to take credit for any problems that may arrise.

The person at the top is ultimatley responsible, and as Thaksin made very clear, Cabinet members were under his orders for everything, they followed him.

So using his own words he is responsible for all actions.

We all know nothing will happen though.

No one is ever accountable for anything in this country and the majority of the people they are accountable to couln't care less or at the least certainly couldn't be bothered to do anything about it.

Unless of course their rice bowl is effected. That's the only real motivator here. You start taking some cash away from a Thai and you will soon start to see actions.

Edited November 14, 2006 by womble

[Jai Dee]

Please be careful with your choice of words here... a reminder from the Forum Rules:

extremely negative views of Thailand will not be tolerated

[Tony Clifton]

Also being investigated:

The gift of 738 million baht Potjaman Shinawatra made to her brother Bannapot Damapong in 1997.

The explanation met great scepticism as the "gift" was given two years after the wedding. ... what laughable crap ... and Pojaman is supposedly the smart one in the couple.

I'm happy to announce that my lovely wife and I have been married for over two years now. Go nuts Thaivisa.

[Jai Dee]

Thaksin's asset increases by 44 million baht during his second term in office

Deposed Prime Minister Thaksin Shinawatra had 44 million baht more in his asset during his brief second term in office while his wife, Khunying Potjaman Shinawatra (คุณหญิงพจมาณ ชินวัตร)’s asset decreased by 155 million baht.

The National Counter Corruption Commission (NCCC) today revealed the list of assets and liabilities of the former cabinet under the second Thaksin Shinawatra administration. The asset of Pol.Lt-Col. Thaksin reportedly totalled 557,363,123 baht while that of his wife was 8,842,085,955 baht. The couple had 110,360,000 baht in liabilities, leaving their combined assets at 9,289,089, 078 baht.

As a result of the finding, Pol.Lt-Col. Thaksin's asset increased by 44,865,375 baht from the day he finished the first administration on March 14th, while that of his spouse decreased by 155,262,836 baht.

Source: Thai National News Bureau Public Relations Department - 14 November 2006

[Jai Dee]

Ousted PM and his wife own a total of Bt9.28 billion

Total assets of ousted prime minister Thaksin Shinawatra declared after he was ousted showed that he has Bt557.3 million, while his wife, Khunying Pojamarn has Bt8.84 billion, according to National Corruption Committee on Monday.

The constitution required that cabinet members declare their assets when they are appointed and out of the office. However the regulations do not apply to their children who are over 20 years of age.

Thaksin and his cabinet were ousted by the military on September 19.

The NCCC reported that Thaksin owns a total of Bt557.36 million while his wife has Bt8.73 billion. The figure showed that Thaksin was Bt44.86 million richer than when he declared his assets in March

Source: The Nation - 14 November 2006

[joe beets]

and thank for wishing ill-will on Thailand

I don't think I'll be giving you anymore advice on your immigration stamps...

Ok, I see where you're coming from.

You hate Thaksin because of the deaths of 4,000 Thais that he's indirectly responsible for.

It's about the same as hating the Commander in Chief of the US for the death of so many Americans in Iraq.

Leaders make command decisions, that's the nature of leading a country...and sometimes they don't quite work out as planned.

(emPHAsis mine)

At the risk of veering off topic, I don't have a big problem hating the Current Occupant (CiC/US) for that.

It's on the list.

Or are you saying the holder of the office is exempt from culpability because he is the holder of the office?

What do you love Thaksin for?

jb

[sriracha john]

Potjaman's brother 'to be charged with tax evasion'

The assets scrutiny committee is set to file criminal charges against Bannapot Damapong, brother of Khunying Potjaman Shinawatra, and other people linked to alleged tax evasion involving a 738-million-baht fund transaction made by the wife of former prime minister Thaksin in 1997, a panel source said yesterday.

http://www.bangkokpost.com/News/14Nov2006_news03.php

[John K]

There seems to be some pro Thaksin comments here. I first must say to all that just look at this man's track record. If he had done what he did in a country from the west he would already be doing time. It is not a hate Thaksin thread, it is a hold him accountable the same as everyone else. Rules and laws apply to all.

Edited November 15, 2006 by John K

[sriracha john]

Bannapot may get big tax bill soon

Case against him to be wrapped up

Bannapot Damapong, the brother-in-law of ousted prime minister Thaksin Shinawatra, could soon be billed for at least 546 million baht in back taxes as key figures of the Assets Scrutiny Committee (ASC) believe the case against him for alleged tax evasion could be wrapped up without the need for testimony, a source revealed yesterday. Mr Bannapot was alleged to have evaded paying tax for a 738-million-baht sum he received as a ''gift'' from his sister Khunying Potjaman, Mr Thaksin's wife, in 1997. The money was said to have been used to buy shares in Shinawatra Computer and Communications Co from Duangta Wongpakdee, a maid of the Shinawatra family. The committee is also considering filing criminal charges against him for giving false statements in a bid to evade tax.

Continued here:

http://www.bangkokpost.com/News/17Nov2006_news01.php

[sriracha john]

NCCC tax probe on Thaksin in-law set to conclude Nov. 24

BANGKOK - A committee investigating Revenue Department officials possibly involved in assisting Bannapot Damapong, a brother-in-law of deposed prime minister Thaksin Shinawatra, to avoid

paying taxes on share transactions a decade ago is expected to conclude its probe next week and determine its findings, a senior official said on Friday.

Somluck Chudkrabuanpol, head of a National Counter Corruption Commission (NCCC) sub-committee, said Revenue Department director general Sirote Swasdipanich first answered questions posed by her sub-committee in writing, and had just met with committee members in person to answer questions about the case.

The sub-committee will meet next Friday and is expected to conclude its findings then, she said, with its findings to be submitted to the NCCC head.

Ms. Somluck said the NCCC findings will not be transferred to the Assets Scrutiny Committee (ASC), as both government agencies work independently, but the NCCC would forward information on the case to ASC if requested.

Mr. Bannapot is alleged to have evaded paying taxes on a Bt738 million sum he received as a "wedding gift" from his sister Pojaman, Mr. Thaksin's wife, in 1997. The money was said to have been used to buy shares in Shinawatra Computer and Communications Co. from Duangta Wongpakdee, a maid of the Shinawatra family.

Mr. Bannapot reportedly reasoned that he was not liable for tax because the Revenue Department had advised him that the transaction was tax-free.

- MCOT

=============================================================

It's curious to side-note and rather amazing, but one wonders if everyone associated to Thaksin is required to wear an extremely ill-fitting suit:

Seen in a previous thread:

Thaksin's lawyer,

Noppadol Pattama

Reuters

and now...

for Thaksin's brother-in-law,

Bannapot Damapong

Shin Corporation Photo

what's with these guys?? We all know they should be able to afford a nice suit that doesn't look like crap.

[johnnyk]

Wrong.

These are extremely well-designed suits for the wearer's purpose.

The XXL sleeves conceal the fingers as they dip into the till.

[sriracha john]

I guess Bannapot's XXL-long trousers is to accomadate how highly he thinks of himself?

You'd think with his billions, he could do better than an off-the-rack from tesco-lotus..

[Tony Clifton]

I guess Bannapot's XXL-long trousers is to accomadate how highly he thinks of himself?

You'd think with his billions, he could do better than an off-the-rack from tesco-lotus..

Cheaply made. See? The pocket seams have ripped and the bundles of cash have piled up around his ankles. Why else would he stand still?

Edited November 18, 2006 by Tony Clifton

[Briggsy]

In the UK you have 30 days from the date of issue of a tax assessment to pay the bill ( or register an appeal). What's the score in LOS? Someone out there must know. The Shinawatra lawyer has already said he will appeal. If the assessment is confirmed do you think the Revenue will get the cash? 2 questions here.