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Thai Exporters Dodge Currency Rules.
Feb. 4--With the yen looking increasingly shaky and the central bank's recent shift in monetary stance from stability to pro-growth, most analysts agree that the baht is likely to weaken against the US dollar over the next few months.
However, prospects of a slide in the baht have led some exporters to turn increasingly toward an old trick of under-reporting export value in order to park funds offshore.
By under-reporting the value of an export shipment, speculators can not only take advantage of a future slide in the currency but also minimise their tax bill.
Indeed, officials say that the Commerce Ministry has recently been directed to investigate the discrepancies between export figures posted by the Customs Department and the Bank of Thailand.
Customs figures are based on trade documents filed by exporters at the time of shipment, while the central bank tracks capital flows through the ...
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Source: HighBeam Research, Thai Exporters Dodge Currency Rules.