Transcript of the above video: 

As the title of this video suggests, we are discussing the so-called Global Minimum Tax. I have to be honest with you, if you can't tell from the thumbnail, I am not impressed with Secretary of Treasury, Janet Yellen. First of all, she used to be the FED Chairman, now she's on the Treasury. I've huge problems with that just philosophically. I thought the purpose of those two institutions was to be separate, but now they seem increasingly to be working in tandem. Meanwhile, she's had some sort of unilateral vision of a so-called Global Minimum Tax. Well I'm here to tell you, there's no such thing as a Global Minimum Tax. 

Just as a preface here, by dint of you being born dear viewer, you are not obligated to pay tax, okay? And that is what this Global Minimum, and people will get into semantics and say, "oh no, this is about corporations" - we will get into that moment. Make no mistake. These people are pushing relentlessly for a Global Tax regime that everyone has to pay into just because they were born. As we have discussed in other videos, Thais don't always have to file a tax return; Americans don't always have to file a tax return. It depends on if you meet the legal criteria for doing so. But that said, these people want to continue to push what I would argue to be as a rather false narrative that, "oh in fact you do have to pay taxes", or "you are subject to taxes, just by dint of being born". My other hope is here and I don't think this hope is unwarranted, come a fortnight from now - roughly two weeks from the time of making this video - none of this is going to be relevant. Janet Yellen is going to be out on her ear; quite frankly I hope we never, ever see her in American economic policy-making circles, and people say "why are you being so hard on Yellen"? Well I don't know. She's tanked our economy; she's financed the Government terribly. I mean what kind of person uses short-term debt to finance the government when there were options for 30-year debt that could have been utilized that would have been far less costly in terms of interest for the American people? She's some kind of Labour Economist; I don't know where she comes from. Quite honestly, again she was up eating mushrooms in China with Xi and looking like her eyes were the size of tea saucers. Again I'm not casting aspersions unnecessarily. This person is either unqualified or they have nefarious motivations at heart, because none of this is good for anybody. It's not based on any fundamental concepts of Western Common Law, it's just globalist gobbledygook, that is being essentially foisted upon people who didn't ask for any of it.

I thought of making this video after reading a recent article from the Bangkok Post, bangkokpost.com, the article is titled: Thailand to impose minimum 15% corporate tax from Jan 1. Well first of all, 'Thailand to impose minimum corporate tax', first of all our Corporate Tax right now in Thailand is more than 15%, I think currently it's 20%, so it's above the 15, so whatever they are "imposing" is nonsense, because the rate is already higher. That said, what the media is doing here is very disingenuous and I can't express my disappointment enough in the media the last couple of years, especially since so-called “COVID” which they pushed a bunch of complete lies on to us and the aftermath was detrimental for people who actually listened to them. But again, this disingenuousness is happening writ large with regard to all of this OECD stuff. The big thing to keep in mind is first of all Thailand's Corporate Tax is already higher than this, so what are you talking about "impose"? Meanwhile, any of this notion would need to be voted on by Parliament if you wanted to change tax policy to create some sort of “minimum tax”. What are you talking about there? You haven't done any of that. 

That said, quoting further: "Finance Ministry confirms rate will apply to big multinationals in line with global standard championed by OECD." Are we in the OECD? No, we're thinking about being in the OECD. Why are we doing all this nonsense? This isn't law; this hasn't been mandated by Parliament but you just continue with the narrative that it is happening. It's really concerning. I mean this is the kind of stuff that they do when they try to soften up countries for communism and things. They just post, they put out news reports that are completely fabricated but it's propaganda to get the population to think that it's real. That's why I'm concerned about all of this. And then meanwhile, this notion of a global, I decried this during Srettha's term in office, when he started parroting these Davos, which there's only one place where this comes from, World Economic Forum talking points, I decried it back then, because again you don't have an obligation to a "minimum tax" requirement just by dint of the fact that you are born or that your company exists in this world. And by the way, where is this world authority for taxation? Tax Authority comes from the sovereign in the jurisdiction in which you are in. Janet Yellen and the OECD, and the World Economic Forum's pipedreams about world taxation is irrelevant, and I am sick of hearing from these people. They are not national leaders here in Thailand; nobody here in Thailand voted on any of this; none of this has gone through Parliament and they just talk about it like it's a foregone conclusion to be imposed on us plebs here in Thailand by some outside colonizer. It's nonsense. That said, quoting directly: "Thailand will impose a global minimum corporate tax of 15% on large multinational enterprises from January 1, 2025, the Ministry Finance confirmed on Friday." Where do you get the legal authority to do any of that? Did anybody pass any laws? Quoting further: "The "top-up tax" would be levied at the globally agreed minimum rate.." - who agreed? Our Parliament here in Thailand agreed? Quoting further: "…in alignment with the Global Minimum Tax framework which seeks to set a floor on tax competition the Ministry said in a statement." "The Global Minimum Tax framework". Who signed off on that? Did anybody here in Thailand vote for that in a referendum or otherwise? Did Parliament have a debate on it? Did Parliament promulgate any laws on this? Has it been passed through the Cabinet? Has it been put into the Royal Gazette? Where are they getting the authority to claim that this is being imposed? Quoting further: "Thailand's standard corporate income tax rate is 20%.." - yeah, so what are we talking about? It's nonsense. Again, this is a media sort of spin exercise to convince people this is A, happening; B, is a foregone conclusion and C, has legal authority. Quoting further: "..though the government offers exemptions or lower tax rates for some investment projects to lure big foreign companies" - oh the government offers do they? Oh they are so giving! - Quoting further: "Under the rules being shepherded by the Organization for Economic Cooperation and Development" - under the rules being shepherded, not promulgated, by our Parliament here in Thailand. This is not our law. Meanwhile I have serious questions as to whether any of this OECD nonsense is going to continue to be pushed from the outside, literally the moment that Trump becomes President. Because again I think all of this OECD, this Global Minimum Tax nonsense all gets thrown out the window the moment Ms. Yellen is out of the office and we never have to hear from her again, hopefully.

That said, quoting further: "...the minimum 15% tax will be charged on multinationals with an annual Global turnover of more than 750 million euros (US$782 million)." Again, on whose authority? What law was promulgated here in Thailand that allows for this “Global Minimum Tax”? Where's the law? Quoting further, and this is worth emphasizing: "Thailand is trying to update its laws…" Thailand is trying to update its laws." Thailand has not updated its laws; this is illegitimate nonsense. This is being pushed as if it is a foregone conclusion and as the article itself has to point out, it's not, Thailand hasn't changed the laws, Parliament hasn't done anything, so what are we talking about? The ruminations and desires of some offshore colonizer? Who cares what these people have to say? It's Thailand's Parliament that passes laws in Thailand that will apply to Thailand, and that will tax Thais and businesses operating in Thailand. How hard is that to understand? Quoting further: "..policies and tax practices as it seeks admission to the OECD in the next few years."

As they note, we're not in OECD; we haven't decided if we want to be in OECD. Quite frankly from all of this nonsense, I think joining the OECD is about the worst idea Thailand could possibly undertake under the current circumstances. That said, I hope this clarifies the issue for folks and we will certainly be keeping you updated on this channel as the situation evolves.