On Oct. 14 royal motorcade passed through protesters in central Bangkok
The protesters turned and jeered, “My taxes! My taxes!”
Thai govt budgeted over US$1b to finance monarchy this year
despite King one of the world’s wealthiest rulers
estimated US$40 billion in assets
That wealth used to belong to Crown—the institution, not the ruler
but King took control of the privy purse in 2018
criticizing monarchy illegal in Thailand
violators sentenced to 15 years in prison
King’s lavish spending and US$40b portfolio opened up criticism
Thai economy to contract 7.8% this year
protesters making unprecedented demands to investigate king’s taxes
The German
king has another moniker—the German
because for past 10 years king living in Germany
King ensconced himself in luxury hotel in Bavaria, rented entirely for himself
retinue of servants and bevy of women
News of absent King’s lavish lifestyle unwelcome contrast to suffering Thais
King’s life of luxury increasingly seen to come at taxpayer’s expense
The Crown
since becoming King in 2016, he consolidated grasp on Crown’s coffers
2017 appointed private secretary as chairman of CPB ousting Minister of Finance
2018 CPB confirmed “returned” assets to King to manage “at his discretion”
previous king (Bhumipol) spent with impunity, while maintaining image of frugality
Vajiralongkorn crossed the line
too obvious King doing this for his own self-indulgence
King’s lavish lifestyle in Bavarian Alps is proof
easier now to question king’s spending (in Germany)
Vajiralongkorn cannot claim he’s spending for the institution
The Taxpayer
CPB’s assets—now the King’s—worth US$40 billion
Included over 16,000 acres of prime real estate
over 40,000 rental contracts with developers
B’kok’s Siam Paragon, Siam Discovery, Siam Center malls built on Crown land
King’s portfolio includes US$30 billion property holdings in B’kok alone
King owns 23% in Siam Commercial Bank
33% in Thailand’s largest industrial conglomerate, Siam Cement Group
King’s shares in two companies worth US$9 billion
protest figures Parit Chiwarak called Thais to boycott Siam Commercial Bank
Chiwarak said the bank was a “money pot of feudalism”
student leader has been arrested at least twice
ROI
King’s earnings not exempt from taxation
Any return on investment from crown’s US$40b portfolio subject to tax
demanding review of King’s tax payments risky order
But protesters are defiant
demonstrators marched to German embassy in Bangkok
protesters question if King liable to pay German tax
My comments :
This well written article by Fortune (magazine?) notes the fact that the King of Thailand has been living in Germany for about 10 years now. This is quite well known, especially in Thailand.
The Thai King’s long term residence in Germany has also raised questions among German lawmakers. According to German law long term residents in Germany must pay taxes, whether you are a German citizen or not. Including paying inheritance taxes.
In 2016 the new Thai king inherited his father’s assets. Then in 2018 the new king did something else – he transferred Crown properties (worth USD40 billion or over RM160 billion) into his personal ownership.This has raised questions in Germany if the Thai king should pay inheritance taxes in Germany. (How are the Germans going to determine the value of the inheritance when the bulk of it is in Thailand?) .
The protesters in Thailand are now asking the same question. They are asking if the Thai king pays taxes in Germany (from assets funded by the Thai people) then the Thai king should be uptodate with all his taxes in Thailand as well. It is obviously a logical question.
As I said before ‘no power on earth can stop an idea whose time has come’.