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Who needs a Lamborghini in Bangkok anyway ?

Hundreds of luxury cars have been impounded by the Thai authorities who are investigating a stolen imported car scheme from UK, linked with a tax fraud network implying high ranked custom officials

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Have you noticed that the usual crowd of Ferrari, Lamborghini and Porsches is getting a bit thinner lately  in front of your favourite hangout in Thonglor ?

This might be because your average “hi-so” teen driver is actually driving a stolen car to run its errands between its new “lavish” condo in Thonglor and the latest EmQuartier opening.

Thailand’s shady luxury car business is currently being investigated for tax dodging and importing stolen cars from overseas, as the number of vehicle impounded is growing steadily.

According to the Bangkok Post latest report, the Department of Special Investigation (DSI) is on its way to investigate as much as 10,000 imported supercars as it widens its crackdown on a tax avoidance network.

This is on top of DSI efforts to crack down on vehicles whose owners and/or suppliers allegedly sought to evade paying a proper amount of tax.

108 Customs officials probed

The National Anti-Corruption Commission has investigated 108 customs officials over allegations about suspicious low vehicle prices that these officials agreed to accept.

It is estimated that the country loses billions of baht each year because car dealers reported grossly underestimated price for vehicles imported in Thailand to avoid a hefty tax rate ranging from 100 up to 300%.

Thailand's shady route of imported luxury car is being is under investigation

Thailand’s shady route of imported luxury car is being is under investigation (Image : The Nation)

According to Pol Lt Col Korawat, luxury car importers usually engage in false declarations to avoid paying high taxes.

For example, a Lamborghini imported in April 2010 and seized from Niche Cars Group was declared at US$105,000, or about 3.4 million baht, which is subject to a 328% tax, or 11 million baht.

But based on the Italian price tag of €286,000, or 12 million baht, the car should be subject to 41 million baht tax and so the tax paid to the government falls short by 30 million baht.

The Bangkok raids were conducted at: Niche Cars Group in Suan Luang district; the firm’s Lamborghini showroom at Siam Paragon shopping mall in Pathumwan district; and two vehicle showrooms operated by STT Auto Car company in Huai Khwang and Watthana districts.

More than 40 luxury cars stolen from Britain

MORE THAN 40 luxury cars have been stolen from Britain and sent to Thailand, according to Thai and British authorities.

Raids at nine locations on May 18 resulted in the seizure of 122 luxury vehicles from Niche Car Group showrooms. On May 24, 38 luxury cars were confiscated after raids at six locations.

As the vehicle importers allegedly quoted much lower prices, it was estimated that the cars – including brands such as Lamborghini, Rolls-Royce, Aston Martin and Ferrari – evaded the high customs duty of 300 per cent which could mean the country suffered Bt3 billion in lost revenue, according to The Nation

Thailand's shady route of imported luxury car is being is under investigation

Whose Porsche is this anyway ?

The raids are the result of the DSI’s lengthy inspection and probe of a trailer truck transporting luxury cars that was engulfed in a fire in Nakhon Ratchasima’s Pak Chong district in May 2013.

Bangkok Correspondent for Siam News Network. Editor at Thailand Business News

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Tourism

Acclaimed MICHELIN Guide Thailand gets 5-year extension from 2022-2026

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edd43d39 acclaimed michelin guide thailand gets 5 year extension from 2022 2026

Bangkok, 2 December, 2021 – The Ministry of Tourism and Sports and the Tourism Authority of Thailand (TAT) are pleased to announce that the success of The MICHELIN Guide Thailand over the past five years, since its launch in 2017, has resulted in the project being extended for another five years from 2022 to 2026 guaranteeing continued promotion of gastronomy tourism in Thailand to the highest international level.

Mr. Yuthasak Supasorn, TAT Governor, said, “The MICHELIN Guide Thailand in its four editions so far has been received tremendously well, and has been instrumental in bringing Thailand’s world-class culinary scene to the world. The next five editions to come under TAT’s expanded partnership with The MICHELIN Guide will aim to build on that success and promises a number of new elements. This will see its search extended to three more provinces, including one in the Northeast, and the introduction of a new award category – the MICHELIN Guide Thailand Service Award presented by TAT will recognise outstanding service personnel in the culinary and hospitality industries.

“At the same time, The MICHELIN Guide Thailand will play an important role in helping drive the government’s Creative Economy policy under the Bio-Circular-Green or BCG Economic Model. It will do so by enhancing the image of Thailand globally as a leading tourism destination through the promotion of Gastronomy Tourism, and in a sustainable development manner.”

Mr. Manuel Montana, President of Michelin East Asia and Australia, said, “The extended partnership will allow us to provide further support and contributions to Thailand’s gastronomy and tourism sectors – a much-needed morale booster for local entrepreneurs, especially during and after the pandemic. With the MICHELIN Guide’s active presence through both traditional and digital channels on a global scale, we will continue to enhance the exposure of Thailand as a world-class culinary destination, as well as help amplify the rebound of Thai tourism after the Covid-19 crisis. Additionally, in line with the Thai government’s policies around the Bio, Circular and Green economy, The MICHELIN Guide’s efforts to raise awareness and promote sustainability in the culinary and hospitality sectors, will benefit not only the country’s economy and its people, but also the planet as a whole.”

The partnership between TAT and The MICHELIN Guide began in 2017 with the launch of The MICHELIN Guide Bangkok 2018, the aim being to help food lovers explore the Thai culinary scene and to raise the profile of Thai restaurants while boosting the economy at the same time.

Right from the start, it was planned that other destinations around Thailand would be added to subsequent editions of the MICHELIN Guide. This was seen with the second edition – The MICHELIN Guide Bangkok, Phuket and Phang-Nga 2019 – extending coverage from the capital city to its surrounding provinces of Nonthaburi, Pathum Thani, Nakhon Pathom, Samut Sakhon, and Samut Prakan and the two Southern provinces.

The following year, the further-expanded The MICHELIN Guide Bangkok, Chiang Mai, Phuket & Phang-Nga 2020 was released with the addition of the renowned Northern city of Chiang Mai and its thriving culinary scene.

Still more expansion came with the arrival of The MICHELIN Guide Thailand 2021, the current edition, but rather than being the addition of more destinations it was in the form of two new awards and a new distinction. These were the MICHELIN Guide Young Chef Award – for a young starred chef with exceptional talent and potential, the MICHELIN Guide Service Award  – for a restaurant personality showing a genuine passion in making customers feel special and ensuring they enjoy a wonderful dining experience, and the MICHELIN Green Star – recognition given to those restaurants that embody and embrace sustainability in their day-to-day operations; such as, recycling, food waste reduction, and promotion of local ingredient sourcing.

Representing the truly remarkable kaleidoscope of culinary experiences on offer in Thailand, The MICHELIN Guide Thailand 2021 lists in total 299 restaurants and eateries throughout the featured destinations. These include 6 two-star and 22 one-star establishments, 106 Bib Gourmand establishments, and 165 Plate rated establishments.

The fifth edition of The MICHELIN Guide Thailand, due for release at the end of 2021, will see the addition of yet another new destination, this time Phra Nakhon Si Ayutthaya. A former capital of Thailand (when it was known as Siam) and today a UNESCO World Heritage Site, Ayutthaya’s dining scene is an impressive fusion of old and new, and the city will be showcased as an outstanding gastronomy tourism destination for all ages.

Research into Thailand’s inclusion of gastronomy tourism as one of the key elements of its overall tourism promotion and marketing has resulted in some impressive findings. Two papers – one by Kenetixs Consulting on Gastronomy Tourism in Thailand and the other an assessment by Ernst & Young of The MICHELIN Guide Thailand from 2017-2020 – similarly concluded that economic value had been created for the country on several fronts.

This included an increase in food spending by foreign tourists of double in 2019 to 842.4 million Baht, the creation of 4,800 additional jobs in the food-related sector, a 33% increase in food-related events; such as, dinner with chefs from MICHELIN-starred restaurants, and a 137% increase in street food and fine-dining MICHELIN Guide’s awarded establishments. Also seen was increased development and enhancement in the food-related sector towards the maintaining of high service standards, the attraction of more foreign chefs to come and work in Thailand, and encouragement of investment in fine-dining in Thailand.

The post Acclaimed MICHELIN Guide Thailand gets 5-year extension from 2022-2026 appeared first on TAT Newsroom.

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Economics

Thailand’s Ministry of Finance expects 3.5 to 4.5% economic growth in 2022

For next year, the Ministry of Finance is projecting an economic growth of 3.5-4.5% from effective pandemic control measures, incentives, domestic spending, the export sector, private investment support, global economic recovery, and government expenditures.

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The Minister of Finance says Thailand’s economy this year would see only a 1.1-1.2% growth

BANGKOK (NNT) – The Ministry of Finance is now projecting an economic rebound to 4.5% growth next year, with government investments serving as key drivers. The Minister of Finance says the government will focus more on inclusive growth next year, with no sectors left behind.

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