What's new in business news: August 23, 2013
The finance ministry's permanent secretary Areepong Phucha-um (left) and inspector-general Prasit Suebchana discuss allegations of VAT cheating with the media on Thursday. (Post Today photo)
High-speed rail: Ready to go, but studies question benefits
The planned Bangkok-Hua Hin high-speed train route will go ahead despite warnings it is not worth the investment cost and a draft authorising borrowing to fund the 2-trillion-baht scheme is set for parliamentary deliberation.
Construction of the first phase of the four routes - Bangkok-Phitsanulok, Bangkok-Hua Hin, Bangkok-Rayong and Bangkok-Nakhon Ratchasima - would be completed by 2019. The Bangkok-Hua Hin route would stretch 225 kilometres at a cost of 82 billion baht.
A study showed the Bangkok-Hua Hin route would see an economic rate of return (ERR) of 10.7%, less than the 12% benchmark set by the Transport Ministry.
Another study concluded that some routes would need as many as 41,000 passengers a day or 15 million a year to break even, totals that exceed domestic airline passengers at the moment. High-speed train fares would likely exceed those of low-cost airlines even though it is faster to fly.
[Read full story route" >here ]
Foreigners to get direct access to rice
The government will let international state enterprises and foreign rice traders buy rice directly in a move to boost sales of the state's huge rice stockpile.
In its best bid to unload 17 million tonnes of rice sitting in warehouses, the state has sold rice stocks mainly through government-to-government (G-to-G) deals and newly allowed general auctions but efforts to sell stockpiled rice have met with tepid sales.
Rice traders have shown lukewarm interest in the rice bidding, with some saying the government-set prices are too high while global demand is weak.
Trust is also an issue, with traders questioning the quality of the stored rice.
[Read the full story here ]
VAT fraud: 18 senior officials colluded with firms
A Finance Ministry inquiry committee has uncovered 18 senior officials suspected of stealing more than 4.3 billion baht from the state through fraudulent value-added tax (VAT) refunds.
The Finance ministry set up a committee to launch a disciplinary investigation into four C-9 officials, but the Revenue Department failed to cooperate with the committee and was reluctant to provide the panel with information on the tax refund fraud.
The Revenue Department claimed it could not provide the information for the other 45 companies because doing so could constitute a violation of Section 10 of the Revenue Code which prohibits taxpayers' information from being disclosed.
The inquiry panel and the Department of Special Investigation (DSI) have investigated 20 companies and uncovered fraudulent tax refunds worth 1.13 billion baht in Samut Prakan province, and illegal tax refunds worth 3.2 billion baht in the Bang Rak area.
The DSI will pursue criminal action against the perpetrators while the Anti-Money Laundering Office (AMLO) will try to retrieve the money cheated through fraudulent refunds.
The tax refund fraud allegedly involves an organised network, with a conspiracy between state officials and private companies.
Farmers and labourers in Phichit and Tak provinces were offered 200-500 baht each to use their identification cards. These ID cards were used to set up companies,open bank accounts and apply for VAT registration with the Revenue Department.
The prices of goods were sometimes hugely inflated hoping to obtain higher refunds.
The revenue department claims it is only a case of the officials being "carelessness" in performing their duties and disciplinary action will not be launched against these officials.
A 2-billion-baht budget was approved last year for the Revenue Department to put in place a cross-check system for tax refund requests, but it has not yet been implemented.
[Read full story here ]
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access: having the opportunity to have or use something - มีโอกาสในการใช้
allegation: an accusation; a statement that someone has done something wrong or illegal even though this has not been proved - ข้อกล่าวหา
allow: to let somebody/something do something; to let something happen or be done - อนุญาต, ยอมรับ
at the moment: at this time; now - ขณะนี้, ตอนนี้, เวลานี้
auction: a usually public sale of goods or property, where people make higher and higher bids (= offers of money) for each thing, until the thing is sold to the person who will pay most - การขายโดยการประมูล, การขายทอดตลาด
benchmark: a standard that other things can be compared to, for example, to calculate prices - ตัวเปรียบเทียบ; การวัดเปรียบเทียบสมรรถนะเกณฑ์มาตรฐานหมายถึง การทดสอบเพื่อวัดความสามารถในการประมวลผล หรือการทำงานของ โปรแกรมใดโปรแกรมหนึ่ง หรืออุปกรณ์คอมพิวเตอร์ชนิดใดชนิดหนึ่ง โดยเทียบเคียงกับเกณฑ์มาตรฐาน
benefit: an advantage you get from a situation; a helpful or good effect, or something intended to help - ผลประโยชน์, ข้อได้เปรียบ, ผลดี
bid: an offer to buy or provide something at a specific price - การประมูล, การให้ราคา, การเสนอราคา
boost: to increase - เพิ่ม
break even: when a business earns just enough money to pay for its costs, not making a profit or a loss; cover the expense, make money to cover the cost - คุ้มทุน, คุ้ม, ไม่ได้ไม่เสีย, ไม่เสียดุลย์
budget: an amount of money able to be spent on something - งบประมาณ
carelessness: not giving enough attention and thought to what you are doing, so that you make mistakes - ความไม่ระมัดระวัง
cheat: a person who cheats (acts in a dishonest way in order to gain an advantage) - คนโกง, คนหลอกลวง
claim: saying that something is true although it has not been proved and other people may not believe it - ข้ออ้าง ข้อกล่าวหา
collude: to act together secretly or illegally in order to deceive or cheat someone - สมรู้ร่วมคิด
committee: a group of people who are chosen, usually by a larger group, to make decisions or to deal with a particular subject - คณะกรรมการ
constitute: to be considered to be something - ถือว่า, เห็นว่า, ประกอบด้วย
cooperate: to work with other people to achieve a result that is good for everyone involved - ร่วมมือกัน
cross-check: to make sure that information, figures etc. are correct by using a different method or system to check them -
demand: the need and desire of people to buy goods - อุปสงค์
direct: going straight to a place (not "going to other places first" which is "indirect") - ตรงไป, ไม่เบี่ยงเบน
disciplinary: related to the punishment of people who do not obey the rules - การลงโทษเนื่องจากการฝ่าฝืนวินัย หรือระเบียบ
disclose: to give information to people - เปิดเผย
domestic: inside the country being talked about - ภายในประเทศ
effort: an attempt to do something - ความพยายาม
exceed: to be more than something; to go beyond a limit - เกินกว่าที่กำหนด
fare: the money that you pay for a journey - ค่าโดยสาร
firm: a business or company - บริษัท
fraud: the crime of intentionally deceiving someone or cheating in order to gain an advantage or benefit - การฉ้อโกง การหลอกลวง เล่ห์เพทุบาย
fraudulent: dishonest and illegal - ซึ่งฉ้อโกง
global: throughout the world - ทั่วโลก
huge: very large - ใหญ่โต
implement: to make something such as an idea, plan, system or law start to work and be used - นำแผนหรือนโยบายมาปฏิบัติ, นำมาใช้
inquiry: a question intended to get information about someone or something - การไต่สวน
international: connected with or involving two or more countries - นานาชาติ, สากล, ระหว่างประเทศ
investigation: the process of trying to find out all the details or facts about something in order to discover who or what caused it or how it happened - การสอบสวน, การตรวจสอบหาข้อเท็จจริง
issue: a problem that needs to be considered - ประเด็น
launch: starting something - การเริ่มต้น
lukewarm: (1) not interested in or enthusiastic about something - ไม่เต็มใจ,มีความกระตือรือร้นเล็กน้อยor (2) slightly warm. อุ่น, อุ่นพอควร
media: radio, television, newspaper, the Internet, considered as a group - สื่อ
move: action -
official: someone with an important position in an organisation - เจ้าหน้าที่
panel: a group of people who make decisions or judgments - คณะกรรมการ
passenger: someone who travels in a motor vehicle, aircraft, train, or ship but is not the driver or one of the people who works on it - ผู้โดยสาร
perform duties: to do what your job requires - ปฏิบัติหน้าที่
prohibit: to officially stop something from being done, especially by making it illegal - มีคำสั่ง)ห้าม
put in place: to be ready for use - มีผลบังคับ
quality: the standard of something when it is compared to other things like it; how good or bad something is - คุณภาพ
refund: a reimbursement; an amount of money that is given back to you - เงินที่คืนให้
reluctant: not very willing to do something and therefore slow to do it - ไม่เต็มใจ
request: an act of asking for something in a formal or polite way - การขอร้อง
route: the roads, paths, waterways, etc., used to go from one place to another - เส้นทาง
senior: with a high rank or position - อาวุโส
state enterprise: a company or business owned and managed by the government - รัฐวิสาหกิจ
stockpile: a large collection of things that may be needed - สิ่งที่เก็บสะสมไว้ คลังสินค้า
store: to put and keep things in a special place for use in the future - เก็บ
stretch: to cause something to reach, often as far as possible, in a particular direction - ขยายออก, ยืดออก
study: A setting of the mind or thoughts upon a subject; hence, application of mind to books, arts, or science, or to any subject, for the purpose of acquiring knowledge. - งานวิจัย
suspect: to believe that something is true, especially something bad - สงสัย, เป็นที่สงสัยว่า
tepid: warm when it should be hot; not very excited or enthusiastic when it should be -
trader: someone who buys and sells things - ผู้ค้า
transport: moving people or things from one place to another - การขนส่ง
trust: a feeling of confidence in someone that shows you believe they are honest, fair, and reliable - ความเชื่อใจ, ความไว้วางใจ
uncover: to discover something secret or hidden - ค้นพบข้อเท็จจริง
unload: sell the things that you have so that you don't have them anymore -
value-added tax: a tax that is added to the price of goods and services - ภาษีมูลค่าเพิ่ม
VAT: a tax that is added to the price of many goods and services - ภาษีมูลค่าเพิ่ม
violation: an action that is against a law, agreement, principle, etc. - การฝ่าฝืน
warehouse: a large building for storing things - โกดังสินค้า, คลังสินค้า, โรงพัสดุ
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