Prayut pledges ‘normal’ legal procedure regarding Shin tax case

[snoop1130]

Prayut pledges ‘normal’ legal procedure regarding Shin tax case

By Wasamon Adudjarint

The Nation

 

 

Prime Minister General Prayut Chan-o-cha on Tuesday said that solutions regarding back taxes allegedly owed by the Shinawatra family linked to the multi-billion-baht Shin Corp sale must proceed by “normal” legal procedures and the rule of law.

 

“Whether it can be solved or not depends on justice,” he said, adding that the case should be concluded by the end of the month. 

 

The government on Monday held an urgent meeting after the Revenue Department reported that there was not any legal recourse to levy back taxes on the sale by the family of former premier Thaksin Shinawatra to Temasek Holdings of Singapore. 

 

Full Story: http://www.nationmultimedia.com/news/national/30309074

 

-- © Copyright The Nation 2017-3-14

[BigBadGeordie]

Aha, "normal" legal procedures.

 

I feell so reassured, will sleep well tonoght.

[webfact]

Cabinet order to get Shin sale tax
By THE NATION

 

 

PM pledges to use ‘normal laws’ to collect billions from 2006 sale; IF TAX NOT COLLECTED this month, CASE will GO TO COURT.

 

BANGKOK: -- THE CABINET has asked the Revenue Department to collect tax, which could amount to Bt16 billion, from former Prime Minister Thaksin Shinawatra over the controversial sale of Shin Corp.

 

Prime Minister Prayut Chan-o-cha said after yesterday’s Cabinet meeting that he would not use his special powers under Article 44 of the interim constitution to meddle in the Shin Corp case. 

 

Involved state agencies had agreed on Monday that normal legal procedure would be applied to this tax case, he said, referring to a meeting of representatives from the Auditor General’s Office, the Finance Ministry, the Council of State and the Anti-Money Laundering Office. 

 

He said the government followed the advice given by the Auditor General, who suggested collecting tax payable from the sale of Shin Corp shares. Admitting that the issue was legally complicated, Prayut said the Revenue Department would have to proceed with collecting the tax by the end of the month. 

 

‘Fight legal case fairly’ 

 

“The Revenue Department may be or not be able to collect taxes but eventually the case should be brought to the court, where concerned parties can fight the legal case fairly. I did not want to attack anybody personally,” he said. 

 

Government Spokesman Maj-General Sansern Kaewkamnerd said the next move was the Revenue Department’s responsibility, but if Thaksin did not agree to pay the taxes due then the case would be taken to court. 

 

The Auditor General has pressed the Finance Minister and the head of the Revenue Department since last year to collect taxes linked to the sale from the Shinawatra family, estimated to be worth between Bt12 billion and Bt16 billion. 

 

The family sold its majority holding in Shin Corp to Temasek Holdings of Singapore in early 2006. 

 

 

The Revenue Department, in response to the Auditor General’s request, said that it could not act, as the assets had been seized by the Supreme Court and the time limit for a tax summons had expired. 

 

There have been many twist and turns in the Shin Corp tax saga. 

 

It started in early 2006 when Ample Rich Investments Ltd, owned by Thaksin, sold 329.2 million shares to his son Panthongtae and daugther Pinthongta at Bt1 a piece, when the market price for a single share was Bt49.25.

 

Within a few days, Temasek, a wealth fund of the Singapore government, took control of the telecom conglomerate, a business worth Bt73 billion. 

 

Capital gains arising from stock trading are exempt from personal income tax, according to Securities and Exchange Commission regulations. 

 

Later, the Revenue Department demanded that Thaksin’s children pay Bt11.3 billion from capital gains, based on the difference between the true value of shares they bought and the price they paid. 

 

The Supreme Court’s Criminal Division for Political Office Holders ruled to seize Thaksin assets worth Bt46 billion in February 2010. In December of the same year, the Central Tax Court rejected the Revenue Department’s request for payment of tax from Thaksin’s children. 

 

In 2015, the National Anti-Corruption Commission took out a criminal case against former senior tax officials and others, accusing them of helping Thaksin’s children to evade tax. 

 

Last year, the Criminal Court sentenced four former senior tax officials to three years in prison for helping Thaksin’s children dodge tax. The Auditor General then sent a letter to the Finance Minister and head of the Revenue Department, ordering them to collect tax from Thaksin’s family. 

 

Source: http://www.nationmultimedia.com/news/national/30309119

 

-- © Copyright The Nation 2017-03-15

[craigt3365]

Which government was in power during the years when nothing happened?  Let me guess....LOL

[colinneil]

Go get him boys, then you got some serious money for your new subs   

[aussieinthailand]

30 minutes ago, craigt3365 said:

Which government was in power during the years when nothing happened?  Let me guess....LOL

Think Mark was in there for a few years yeah, then Yingluk followed by the junta.

So the Revenue department say's no tax, the tax court say's no tax, but the AG say's yes there is tax to collect, 

[craigt3365]

12 minutes ago, aussieinthailand said:

Think Mark was in there for a few years yeah, then Yingluk followed by the junta.

So the Revenue department say's no tax, the tax court say's no tax, but the AG say's yes there is tax to collect, 

There must be something to this if they are going after it now.  Obviously, Yingluck's government did nothing.  Mark had major issues as PM and was unable to much of anything.  It does seem they evaded taxes.  Time to pay up!

 

From the OP:

Quote

 

In 2015, the National Anti-Corruption Commission took out a criminal case against former senior tax officials and others, accusing them of helping Thaksin’s children to evade tax. 

 

Last year, the Criminal Court sentenced four former senior tax officials to three years in prison for helping Thaksin’s children dodge tax. The Auditor General then sent a letter to the Finance Minister and head of the Revenue Department, ordering them to collect tax from Thaksin’s family. 

 

 

[Bob12345]

Sounds like a signal that negotiations about Taksin's return are happening.

[Reigntax]

Prayuth's daily comedy attempt!

[klauskunkel]

[mtls2005]

The original "issue", the transfer/sale of shares within the family at below market rates may or may have not been legal (no clue how "gifts" were/are taxed). It seems like it had been found to be legal.

 

It seems almost moot though as capital gains are not taxable.

 

That said, I'm sure every wealthy Thai family will be subject to a similar witch-hunt investigation re: their movement/sale of assets, associated taxation issues.

 

Or not. 

[ChrisY1]

My guess is that Thaksin is a lot smarter than the AJ's.....although he probably is unlikely to ever return, it would cause the military serious issues if he did.

I think this will be pretty interesting to follow....

[baboon]

32 minutes ago, ChrisY1 said:

My guess is that Thaksin is a lot smarter than the AJ's.....although he probably is unlikely to ever return, it would cause the military serious issues if he did.

I think this will be pretty interesting to follow....

Watching the train wreck when the 'cream' of society tear each other apart like animals could be pretty entertaining if he did, mind...

[worgeordie]

Anyone think this will be resolved before the statute of limitations kicks in ?,

anyway it was an honest mistake,

regards worgeordie

[Baerboxer]

8 hours ago, craigt3365 said:

There must be something to this if they are going after it now.  Obviously, Yingluck's government did nothing.  Mark had major issues as PM and was unable to much of anything.  It does seem they evaded taxes.  Time to pay up!

 

From the OP:

 

 

Strange thing Craig is that 4 tax officials get jailed for helping 2 people avoid paying tax but the 2 people don't get charged?

 

 

Wheels within wheels, smoke & mirrors but only the plebs actually pay.