PM's Clan Told to Pay B5bn in Tax (The BKK Post)
- From: Deckard < Blade@xxxxxxxxxx>
- Date: Sun, 18 Dec 2005 18:55:49 +0100
It's rather weird: a few weeks ago, there was a lot of vociferous
posts against Thaksin Shinawatra in SCT, calling the Thai PM names.
Today, we have an official ruling and everybody keeps shtum.
It must be the Christmas truce or the winter apathy.
VB, don't tell us that a proud Norwegian is afraid by a few trolls!
:-p
Mort
_
Senators fault share transfer exemption
by Tul PINKAEW
The Senate's graft subcommittee says the Revenue Department applied an
unequal standard in failing to levy a tax on the transfer of shares by
Prime Minister Thaksin Shinawatra and his wife Khunying Potjaman to
their family members. The panel has asked the Shinawatra clan to pay
up the income tax worth over five billion baht.
Subcommittee chairman Chirmsak Pintong disclosed the results of a
six-month-long investigation yesterday detailing the irregularities,
which he said would be handed over to the National Counter Corruption
Commission (NCCC) and the Finance Ministry.
According to the report, in the year 2000, less than 12 months before
Mr Thaksin became prime minister, he and Khunying Potjaman transferred
27 million Shin Corp Plc shares outside the stock market at a par
value of 10 baht to Mr Thaksin's sister Yinglak and Khunying
Potjaman's brother Bannapoj Damapong.
The value of the shares at that time was 150 baht per share which
meant that if the shares were resold by Ms Yinglak or Mr Bannapoj,
they would both have made a 140 baht profit on each share.
A 1995 Finance Ministry regulation says that for stocks sold outside
the market and sold lower than the trading price, beneficiaries must
pay 37% income tax. The Revenue Department gave both Ms Yinglak and Mr
Bannapoj a tax exemption, a decision which the Senate panel says held
no legal justification.
"A top-level official from the department told the committee during
its investigations that income tax was not collected because Ms
Yinglak and Mr Bannapoj had only bought the shares and had not re-sold
them," said Mr Chirmsak. However, there was no such exception clause
in the 1995 ministry regulation.
In 2002, the Revenue Department levied a tax on Ruangkrai
Leekitwattana, an accounting director of a private company who once
worked with the Office of the Auditor General (OAG), after 5,000
shares in Bangkok Expressway Company Limited (BECL) were transferred
from his father outside the market.
Mr Ruangkrai was ordered to pay tax of 20,350 baht on an estimated
profit of 55,000 baht. Mr Ruangkrai refused to pay the money, citing
the case in which the Revenue Department decided against collecting
tax from the Shinawatra family in 2000, and appealed to the department
for another verdict.
It was refused and finally he had to pay the levy.
A Senate source said Mr Ruangkrai, who used to work for
auditor-general Khunying Jaruvan Maintaka, wanted to catch the Revenue
Department at its own game and so devised the plan for that very
purpose. Senator Chirmsak said that in July, the Revenue Department
offered to give back Mr Ruangkrai's tax money so he would stop his
complaints, but he refused and submitted the evidence to the panel.
Another investigation into share transfers between members of the
Shinawatra family is said to point to other potential tax liabilities
(...)
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