Bangkok: Wirote Lakkhanaadisorn, a party-list MP from the Prachachon Party, has joined the Economic Affairs Committee to address the issue surrounding the purchase and sale of shares using promissory notes (PN tickets) by Prime Minister Yingluck. The issue has raised questions about potential tax avoidance through concealed legal transactions, with challenges posed to the Revenue Department to clarify the legality.

According to Thai News Agency, the House of Representatives Committee on Economic Development, chaired by Mr. Sitthiphon Wiboontanakul, is investigating the complaint regarding the use of PN notes valued at 4,434 million baht by Prime Minister Yingluck. The investigation stems from a no-confidence motion that questioned the Prime Minister’s stock trading practices, prompting the committee to request clarification from the Revenue Department and the Office of the Auditor General (OAG) on the legality of these actions.

Mr. Sitthiphon emphasized the need for transparency, urging government agencies to determine whether the transactions were legal or if they exploited legal loopholes to avoid taxes. He stressed the importance of making the matter clear to the public.

Mr. Wiroj Lakkhanaadisorn further stated that he had asked the Revenue Department to investigate whether the transactions were genuine or simply a means to avoid gift taxes. He highlighted the need for clarity, especially for individuals planning to transfer shares exceeding 20 million baht in value. He questioned whether the current model used by the Prime Minister would set a precedent for others.

He added that if the model is to be followed, the Revenue Department must officially announce its acceptance, potentially naming it the ‘Paethongtarn Model.’ This would imply that taxes on such transactions may not be collected in the future. Mr. Wiroj also questioned the Prime Minister’s full shareholding in nine companies worth 4.4 billion baht and whether dividends were allocated to purchase shares for family members, calling for thorough scrutiny of all related transactions.