Senin, 28 September 2020

'A step in the right direction': Thailand's tourism operators welcome special visa for foreigners - CNA

BANGKOK: Tourism operators and hotels in Thailand have welcomed the government’s new stimulus measure that will allow foreign tourists to visit the country with a special long-stay visa amid the global COVID-19 pandemic.

The special tourist visa or STV is expected to become available from October to Sep 30 next year. Its holders will be able to stay in Thailand for 90 days and to extend the visa twice at a cost of 2,000 Baht (US$63) each time.

The scheme was approved in principle by the Cabinet on Sep 15 as part of the government’s efforts to boost the sluggish economy and tourism sector battered by the global health crisis.

“Any and all visitors coming to Thailand will help to stimulate the hotel sector that goes beyond just brick and mortar in an industry that supports suppliers from fisherman and farmers to tour guides and small businesses,” said Daniel Simon, general manager of Anantara Siam Bangkok Hotel.

“The Thai government’s planned special tourist visa programme is a step in the right direction, but we look forward to more measures which will quickly, but safely, open the kingdom to international travellers once again,” he added.

The Giant Swing in Bangkok, Thailand
The Giant Swing is one of Bangkok's popular tourist sites. The COVID-19 pandemic has hit Thailand's economy hard, especially its tourism sector. (Photo: Pichayada Promchertchoo)

READ: Staycations and weekend getaways - Can domestic travel spark a revival of Southeast Asia’s tourism industry?

The new visa targets tourists with spending power who are willing to undergo 14-day quarantine upon arrival. Once the country reopens, the Thai government expects to welcome 1,200 foreign tourists per month from one to three international flights each week. It also hopes the scheme would inject 12 billion baht (US$380 million) into the economy in a year’s time.

“Obviously, there is no magic bullet to opening the country immediately. So, the STV scheme is one step forward with many more to come. It also allows the residents of Thailand to get accustomed to the idea that there is a way to start bringing tourists back to the country safely, albeit with a rather challenging application process,” said Nick Downing, general manager of The Siam Hotel.

The COVID-19 pandemic has hit Thailand hard, especially its tourism and hospitality sectors. Its GDP contracted by 12.2 per cent in the second quarter of 2020, with the total revenue from tourism dropping by 97.1 per cent, according to the Office of the National Economic and Social Development Council (NESDC).

Last month, NESDC revised the expected contraction of the Thai economy in 2020 to between -7.8 per cent and -7.3 per cent due to various factors, including as a sharp decline in number and revenue from foreign tourists, and “the severe recession of global economy and merchandised trade”.

Phuket
A file photo of tourists on Patong beach in Phuket, southern Thailand, before the COVID-19 outbreak. (Photo: Pichayada Promchertchoo)

READ: Thailand's economy shrinks most in more than 20 years

Although the STV scheme is broadly welcomed, small tourism operators doubt that revenue from foreign tourists could reach them.

“I think the benefits may not reach small entrepreneurs. As long as the government is unable to control the gap between us and capitalists, I think the scheme will hardly benefit small operators,” said Pornpak Rakjan, manager of tour company Phuket Tour Holiday.

The business did not receive any help from the government amid the ongoing health crisis, she added.

“I want the government to come here and take care of us. I want them to establish provincial units that specifically manage the COVID-19 impact on entrepreneurs, especially small ones.”

READ: Thailand extends visa renewal grace period for foreigners stranded due to COVID-19

HOW TO APPLY FOR THAILAND’S SPECIAL TOURIST VISA

Foreign tourists wishing to apply for the special tourist visa are required to do so with a travel agent, which will work with the Tourism Authority of Thailand (TAT) in obtaining approval from the Thai foreign ministry.

Applicants will have to indicate in the application form an Alternative State Quarantine hotel in Thailand for the compulsory 14-day quarantine upon arrival. According to the Centre for COVID-19 Situation Administration, there are 74 such hotels nationwide, including 69 in Bangkok and five others in Burirum, Chonburi and Phuket.

To complete the application, foreign tourists will also need to provide flight details, identify their post-quarantine accommodation, and purchase medical insurance for their stay in Thailand with a minimum coverage plan worth USD100,000.

Chao Phraya River in Bangkok, Thailand
Thailand's GDP contracted by 12.2 per cent in the second quarter of 2020, with the total revenue from tourism dropping by 97.1 per cent.(Photo: Pichayada Promchertchoo)

If successful, they can collect a Certificate of Entry (COE) at the Thai embassy in their country. They are also required to obtain a fit-for-travel health certificate and a medical certificate stating they are not infected with COVID-19, issued no longer than 72 hours before departure.

Upon their arrival in Thailand, foreign tourists will have to undergo health screening. If they test positive, they will be transferred to a hospital. If not, they will be granted a special tourist visa and proceed to the quarantine facility of their choice.

Once the quarantine is over, STV holders can travel in Thailand. But they will need to install a COVID-19 contact tracing app.

READ: American sued in Thailand over negative Tripadvisor review

Despite the 14-day quarantine requirement, hoteliers are hopeful the stimulus would benefit the accommodation sector, given the potential for long-stay visitors from Europe.

According to Bruno Huber, general manager of Mövenpick BDMS Wellness Resort Bangkok, European tourists tend to spend a few months at a time in Thailand and are thus likely to be fine with the quarantine period.

However, the fact that they will need to arrange their own trip to Thailand, either by a chartered plane or a private aircraft, could dampen the interest and affect the revenue target.

“Private or purpose-chartered flights would be too prohibitively expensive and greatly reduce the number of potential guests. A functioning and attainable commercial flight solution is integral towards any success,” Huber told CNA.

If commercial flights return, he added, the revenue number projected by the government is “attainable”.

“WILL THERE BE A SECOND WAVE?”

The STV scheme may be broadly welcomed by the hospitality and tourism sectors, but there are concerns among operators over the potential health risks.

Thailand has reported more than 3,500 cases of COVID-19 since the outbreak started, with 59 deaths. Currently, 117 remain in hospitals. But once the country reopens for foreign tourists, the situation could change. 

“I believe this scheme would help improve the economy because tourists are one of the factors that help circulate the revenue in Thailand. But I’m also concerned,” said Pichanan Kongchana from Roast8ry Lab, a café in Chiang Mai, northern Thailand.

Will there be a second wave?

FILE PHOTO: A closed restaurant is seen next to the Chao Phraya river with a view of Wat Arun templ
A closed restaurant due to the coronavirus disease (COVID-19) outbreak, is seen next to the Chao Phraya river with a view of Wat Arun temple, one of the city's top tourist spots, in Bangkok, Thailand Mar 27, 2020. (Photo: REUTERS/Jorge Silva/File Photo)

Before the pandemic, most of her customers were foreign tourists. So when the international travel ban kicked in, the cafe lost most of its clients and was forced to close for three months. Although it has recently reopened to local customers, the business still suffers from a major drop in revenue.

“We want tourists to visit,” Pichanan said. “But I want the government to issue them some sort of document they can show to us. This way, we won’t have to be worried.”

As of Sep 25, Thailand has carried out 977,854 COVID-19 tests nationwide, according to Taweesin Visanuyothin, spokesperson of the COVID-19 Situation Administration Centre. He said in a press conference on Monday (Sep 28) the country needs to relax its disease control measures in order to allow the economy to recover before urging the public to remain vigilant.

"Although our country needs to relax, people must be disciplined," Taweesin said. "If each person is disciplined, the relaxation will continue to work and our economy will grow stronger."

BOOKMARK THIS: Our comprehensive coverage of the coronavirus outbreak and its developments

Download our app or subscribe to our Telegram channel for the latest updates on the coronavirus outbreak: https://cna.asia/telegram

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2020-09-28 22:44:18Z
52781090425259

'A step in the right direction': Thailand's tourism operators welcome special visa for foreigners - CNA

BANGKOK: Tourism operators and hotels in Thailand have welcomed the government’s new stimulus measure that will allow foreign tourists to visit the country with a special long-stay visa amid the global COVID-19 pandemic.

The special tourist visa or STV is expected to become available from October to Sep 30 next year. Its holders will be able to stay in Thailand for 90 days and to extend the visa twice at a cost of 2,000 Baht (US$63) each time.

The scheme was approved in principle by the Cabinet on Sep 15 as part of the government’s efforts to boost the sluggish economy and tourism sector battered by the global health crisis.

“Any and all visitors coming to Thailand will help to stimulate the hotel sector that goes beyond just brick and mortar in an industry that supports suppliers from fisherman and farmers to tour guides and small businesses,” said Daniel Simon, general manager of Anantara Siam Bangkok Hotel.

“The Thai government’s planned special tourist visa programme is a step in the right direction, but we look forward to more measures which will quickly, but safely, open the kingdom to international travellers once again,” he added.

The Giant Swing in Bangkok, Thailand
The Giant Swing is one of Bangkok's popular tourist sites. The COVID-19 pandemic has hit Thailand's economy hard, especially its tourism sector. (Photo: Pichayada Promchertchoo)

READ: Staycations and weekend getaways - Can domestic travel spark a revival of Southeast Asia’s tourism industry?

The new visa targets tourists with spending power who are willing to undergo 14-day quarantine upon arrival. Once the country reopens, the Thai government expects to welcome 1,200 foreign tourists per month from one to three international flights each week. It also hopes the scheme would inject 12 billion baht (US$380 million) into the economy in a year’s time.

“Obviously, there is no magic bullet to opening the country immediately. So, the STV scheme is one step forward with many more to come. It also allows the residents of Thailand to get accustomed to the idea that there is a way to start bringing tourists back to the country safely, albeit with a rather challenging application process,” said Nick Downing, general manager of The Siam Hotel.

The COVID-19 pandemic has hit Thailand hard, especially its tourism and hospitality sectors. Its GDP contracted by 12.2 per cent in the second quarter of 2020, with the total revenue from tourism dropping by 97.1 per cent, according to the Office of the National Economic and Social Development Council (NESDC).

Last month, NESDC revised the expected contraction of the Thai economy in 2020 to between -7.8 per cent and -7.3 per cent due to various factors, including as a sharp decline in number and revenue from foreign tourists, and “the severe recession of global economy and merchandised trade”.

Phuket
A file photo of tourists on Patong beach in Phuket, southern Thailand, before the COVID-19 outbreak. (Photo: Pichayada Promchertchoo)

READ: Thailand's economy shrinks most in more than 20 years

Although the STV scheme is broadly welcomed, small tourism operators doubt that revenue from foreign tourists could reach them.

“I think the benefits may not reach small entrepreneurs. As long as the government is unable to control the gap between us and capitalists, I think the scheme will hardly benefit small operators,” said Pornpak Rakjan, manager of tour company Phuket Tour Holiday.

The business did not receive any help from the government amid the ongoing health crisis, she added.

“I want the government to come here and take care of us. I want them to establish provincial units that specifically manage the COVID-19 impact on entrepreneurs, especially small ones.”

READ: Thailand extends visa renewal grace period for foreigners stranded due to COVID-19

HOW TO APPLY FOR THAILAND’S SPECIAL TOURIST VISA

Foreign tourists wishing to apply for the special tourist visa are required to do so with a travel agent, which will work with the Tourism Authority of Thailand (TAT) in obtaining approval from the Thai foreign ministry.

Applicants will have to indicate in the application form an Alternative State Quarantine hotel in Thailand for the compulsory 14-day quarantine upon arrival. According to the Centre for COVID-19 Situation Administration, there are 74 such hotels nationwide, including 69 in Bangkok and five others in Burirum, Chonburi and Phuket.

To complete the application, foreign tourists will also need to provide flight details, identify their post-quarantine accommodation, and purchase medical insurance for their stay in Thailand with a minimum coverage plan worth USD100,000.

Chao Phraya River in Bangkok, Thailand
Thailand's GDP contracted by 12.2 per cent in the second quarter of 2020, with the total revenue from tourism dropping by 97.1 per cent.(Photo: Pichayada Promchertchoo)

If successful, they can collect a Certificate of Entry (COE) at the Thai embassy in their country. They are also required to obtain a fit-for-travel health certificate and a medical certificate stating they are not infected with COVID-19, issued no longer than 72 hours before departure.

Upon their arrival in Thailand, foreign tourists will have to undergo health screening. If they test positive, they will be transferred to a hospital. If not, they will be granted a special tourist visa and proceed to the quarantine facility of their choice.

Once the quarantine is over, STV holders can travel in Thailand. But they will need to install a COVID-19 contact tracing app.

READ: American sued in Thailand over negative Tripadvisor review

Despite the 14-day quarantine requirement, hoteliers are hopeful the stimulus would benefit the accommodation sector, given the potential for long-stay visitors from Europe.

According to Bruno Huber, general manager of Mövenpick BDMS Wellness Resort Bangkok, European tourists tend to spend a few months at a time in Thailand and are thus likely to be fine with the quarantine period.

However, the fact that they will need to arrange their own trip to Thailand, either by a chartered plane or a private aircraft, could dampen the interest and affect the revenue target.

“Private or purpose-chartered flights would be too prohibitively expensive and greatly reduce the number of potential guests. A functioning and attainable commercial flight solution is integral towards any success,” Huber told CNA.

If commercial flights return, he added, the revenue number projected by the government is “attainable”.

“WILL THERE BE A SECOND WAVE?”

The STV scheme may be broadly welcomed by the hospitality and tourism sectors, but there are concerns among operators over the potential health risks.

Thailand has reported more than 3,500 cases of COVID-19 since the outbreak started, with 59 deaths. Currently, 117 remain in hospitals. But once the country reopens for foreign tourists, the situation could change. 

“I believe this scheme would help improve the economy because tourists are one of the factors that help circulate the revenue in Thailand. But I’m also concerned,” said Pichanan Kongchana from Roast8ry Lab, a café in Chiang Mai, northern Thailand.

Will there be a second wave?

FILE PHOTO: A closed restaurant is seen next to the Chao Phraya river with a view of Wat Arun templ
A closed restaurant due to the coronavirus disease (COVID-19) outbreak, is seen next to the Chao Phraya river with a view of Wat Arun temple, one of the city's top tourist spots, in Bangkok, Thailand Mar 27, 2020. (Photo: REUTERS/Jorge Silva/File Photo)

Before the pandemic, most of her customers were foreign tourists. So when the international travel ban kicked in, the cafe lost most of its clients and was forced to close for three months. Although it has recently reopened to local customers, the business still suffers from a major drop in revenue.

“We want tourists to visit,” Pichanan said. “But I want the government to issue them some sort of document they can show to us. This way, we won’t have to be worried.”

As of Sep 25, Thailand has carried out 977,854 COVID-19 tests nationwide, according to Taweesin Visanuyothin, spokesperson of the COVID-19 Situation Administration Centre. He said in a press conference on Monday (Sep 28) the country needs to relax its disease control measures in order to allow the economy to recover before urging the public to remain vigilant.

"Although our country needs to relax, people must be disciplined," Taweesin said. "If each person is disciplined, the relaxation will continue to work and our economy will grow stronger."

BOOKMARK THIS: Our comprehensive coverage of the coronavirus outbreak and its developments

Download our app or subscribe to our Telegram channel for the latest updates on the coronavirus outbreak: https://cna.asia/telegram

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2020-09-28 22:38:48Z
52781090425259

Malaysia to place COVID-19 restrictions in some parts of Sabah, 115 cases reported nationwide - CNA

KUALA LUMPUR: Malaysia on Monday (Sep 28) said it will impose strict movement restrictions in four districts in Sabah after reporting more than 1,000 COVID-19 infections there in September.

Defence Minister Ismail Sabri Yaakob said that as part of efforts to contain the outbreak, non-essential businesses in Lahad Datu, Tawau, Kunak and Semporna districts will be required to shut down from Tuesday for 14 days.

READ: Sabah state election: PM Muhyiddin unveils 'I promise' manifesto to extend more aid amid COVID-19

The partial lockdown comes amid a recent surge of COVID-19 infections in Malaysia and concerns that a state-wide election that concluded on Saturday will exacerbate the outbreak.

Malaysia reported 115 new COVID-19 cases on Monday, with Sabah accounting for 98 of the infections.

Of the new cases, 112 are local transmissions while three are imported cases.

Malaysia's tally of infections has surpassed the 11,000 mark, with 11,034 cases. There are 1,011 active cases.

About 960,000 residents in Sabah will be affected by the Targeted Enhanced Movement Control Order (TEMCO), said Mr Ismail Sabri. 

“Taking into account the number of cases, the government, on the advice of health minister, has decided to implement an administrative TEMCO in these areas,” he added. 

During the TEMCO, all residents are prohibited from leaving the affected areas, and non-residents and visitors are not allowed to enter the four districts. 

READ: COVID-19: Malaysia in no hurry to open its borders, says PM Muhyiddin

Mr Ismail Sabri said all business activities in the four districts will be halted except for essential goods and services, while medical bases will be opened in those areas.

All entry points to and from the affected areas will also be closed. To ensure full compliance, the Royal Malaysia Police, Malaysian Armed Forces, Malaysian Civil Defence Force, Malaysian Volunteer Corps Department, local authorities and authorised personnel will control the areas.

“For the implementation of this order, all residents are asked to remain calm and give full cooperation to the staff from the (health ministry) and comply with all directives issued by the authorities,” said Mr Ismail Sabri. 

Sabah accounts for 25 per cent of the crude palm oil produced in the world's second-largest exporter.

BOOKMARK THIS: Our comprehensive coverage of the coronavirus outbreak and its developments

Download our app or subscribe to our Telegram channel for the latest updates on the coronavirus outbreak: https://cna.asia/telegram

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2020-09-28 14:37:30Z
52781090154368

Malaysia's King in stable health, no mention of Anwar's political play - The Straits Times

KUALA LUMPUR - Malaysia's King, Sultan Abdullah Ri'ayatuddin, said on Monday (Sept 28) that he has undergone treatment for food poisoning at the National Heart Institute and has been advised to remain there for follow-up treatment.

Malaysia's national palace said in a statement that the King will return to Istana Negara soon after undergoing the various treatments.

"His Royal Highness is in a stable condition and there is no cause for concern," the statement said.

The King was admitted to hospital last Monday, a day before his scheduled audience with opposition chief Anwar Ibrahim to discuss Datuk Seri Anwar's claim that he had majority support to form a new government.

Monday's statement from the palace did not say anything about Mr Anwar's claim that he has "formidable" support from the country's lawmakers and that the government of Prime Minister Muhyiddin Yassin has "collapsed".

Under the Constitution, the constitutional monarch can appoint a prime minister whom he sees as likely to command a majority in Parliament.

He can also dissolve Parliament and call for elections on the current prime minister's advice.

The political drama involving Datuk Seri Anwar came just seven months after another power struggle that led to Tan Sri Muhyiddin getting the premiership.

Mr Muhyiddin, who has a razor-thin majority in Parliament, has dismissed Mr Anwar’s claims of a majority and challenged him to prove it through constitutional processes.

The statement from Istana Negara focused on the King's health, with Comptroller of the Royal Household Ahmad Fadil Shamsuddin elaborating that Sultan Abdullah had food poisoning on the evening of Sept 21, but that a magnetic resonance imaging (MRI) scan done the next day showed that he had suffered injuries while playing sports, prompting an intervention treatment.

"As it is well known, His Majesty is very active in various sports including polo, football, squash, hockey and golf. Intervention treatment done on His Majesty’s knees and ankles went successfully on Sept 24.

"The sultan is deeply touched by the people's concern for his welfare and expresses appreciation and thanks to all the people who have prayed for his well-being," he said.

The statement ended with the sultan expressing his concern over the rising number of Covid-19 cases in the country.

Malaysia on Monday recorded 115 new Covid-19 cases, bringing the total number of infections to 11,034,. No new fatalities were reported, keeping the death toll at 134.

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2020-09-28 10:18:49Z
52781089462227

What Trump's taxes are reported to show - CNA

WASHINGTON: President Donald Trump has relied on heavy losses across his business empire to help nearly erase his federal income tax bill, according to a report on Sunday (Sep 27) from the New York Times.

Citing previously unseen tax-return data going back over 20 years, the New York Times shed new light on Trump's finances. Trump dismissed the story as "fake news" at a news conference on Sunday. Here are some highlights:

SMALL TAX BILL

In 2016 and 2017, Trump paid just US$750 in federal income taxes, according to the Times. In 10 of the previous 15 years, Trump paid no federal income taxes at all. Despite reporting hundreds of millions of dollars in income, Trump effectively erased his tax bill by reporting heavy losses across his business interests.

HIGH-PROFILE LOSSES

Some of Trump's most prominent real estate holdings have also been less than profitable, the New York Times reported. Trump reported losing over US$315 million on golf courses since 2000, with much of that centered at Trump National Doral near Miami. The hotel he opened in the heart of Washington in 2016 has recorded over US$55 million in losses.

READ: Trump paid no income taxes in 10 of last 15 years: Report

A BIG AUDIT

The New York Times report also found that Trump has been feuding with the Internal Revenue Service for the last decade over a nearly US$73 million tax refund he previously claimed. If the IRS were to prevail in its audit, which has seemingly stalled in recent years, Trump could be responsible for paying over US$100 million to the government.

BRAND IMAGE

The New York Times found that a large amount of Trump's profits came from selling Trump himself. It reported that the former reality television star reported making a combined US$427.4 million from 2004 to 2018 by selling his name and image through various endorsements and licensing deals.

AGGRESSIVE WRITE-OFFS

Trump has been aggressive in claiming certain business expenses that further shrank his tax bill, according to the New York Times. That includes deductions on residences, aircraft and US$70,000 in hairstyling expenses tied to The Apprentice, his former television programme, and classifying a New York property described by the Trump Organization as a family retreat as an investment property to write off millions in property taxes.

LOANS COMING DUE

Hundreds of millions of dollars in loans he personally guaranteed will soon be due for repayment. The New York Times reported that Trump appeared to be responsible for US$421 million in loans coming due in the next four years.

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2020-09-28 02:29:44Z
52781088059100

Malaysia PM Muhyiddin's GRS alliance resolves impasse over Sabah chief minister candidate - The Straits Times

KOTA KINABALU - Prime Minister Muhyiddin Yassin's Gabungan Rakyat Sabah (GRS) coalition has resolved its impasse in picking a chief minister candidate after winning the Sabah election, some 36 hours after the poll concluded.

GRS parties agreed on Tan Sri Muhyiddin's personal pick for the post: Sabah Perikatan Nasional (PN) chief Hajiji Mohd Noor, the alliance announced on Monday (Sept 28).

GRS parties had been locked in discussions on the post of chief minister since late on Saturday. On Sunday, the impasse led them to ask Sabah Governor Juhar Mahiruddin to pick a chief minister among the two GRS candidates: Datuk Seri Hajiji and Sabah Barisan Nasional (BN) chief Bung Moktar Radin.

The Sabah palace announced that a swearing in ceremony will take place at 10.30am on Tuesday (Sept 29), but it is yet to confirm the identity of the new chief minister.

Caretaker Chief Minister Shafie Apdal's residence has seen continued activity since Sunday amid rumours he could still form the state government despite his Warisan Plus alliance winning fewer seats than GRS.

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2020-09-28 05:05:18Z
52781088930594

Minggu, 27 September 2020

Trump paid US$750 in income taxes in 2016 and 2017: NYT - The Straits Times

WASHINGTON (BLOOMBERG, REUTERS) - US President Donald Trump paid just US$750 (S$1,032) in US income taxes in both 2016 and 2017, reported losing millions of dollars from his golf courses and has hundreds of millions in debt that will come due in the next few years, according to a report in the New York Times.

Trump paid no income taxes in 10 of the past 15 years because he generated large losses that offset any money that he made, according to the Times analysis of at least two decades worth of Mr Trump’s personal and business tax returns.

The documents show that many of Mr Trump’s businesses are struggling, with him putting more money into the firms than he’s taking out, the report said.

It also said he earned US$73 million abroad in his first two years in the White House, including from authoritarian-leaning countries such as the Philippines and Turkey, despite a pledge that he would pursue no new foreign deals while president.

Mr Trump said at a press conference Sunday (Sept 27) that the report is "totally fake news," adding "I pay a lot" without offering specifics.

"They’re under audit and when they’re not, I would be proud to show you," Mr Trump said.  

Senate Democratic leader Chuck Schumer took to Twitter to ask Americans to raise their hands if they paid more in federal income tax than Mr Trump.

Mr Trump bucked tradition in refusing to release his personal tax records, which had become standard among candidates for office in recent decades.

House Democrats have issued subpoenas for the documents, which have been mired in legal battles for more than a year.

The Supreme Court in July said lower courts need to to do more to scrutinize the tax return requests. 

The Times didn’t disclose how it got the documents, but said the documents came from sources with legal access to the information.

A lawyer for Trump Organisation told the Times that "most, if not all, of the facts appear to be inaccurate."

Mr Alan Garten, the lawyer told the paper in response that "over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015."

The revelations into Mr Trump’s financial life are likely to be a key point of contention heading into the final month of the presidential campaign.

Mr Trump, who has built his public image as a successful businessman and as a billionaire, faces a series of financial challenges, according to the Times reporting.

LOANS COMING DUE

His revenue from the NBC television series "The Apprentice" and from licensing deals is drying up.

Several years ago, he sold nearly all the stocks that now might have helped him plug holes in his struggling properties, the Times reported.

Within the next four years, more than US$300 million in loans – obligations for which Mr Trump is personally responsible – will come due, the newspaper said.  

Mr Trump has previously said his tax returns are "very beautiful," but he can’t release the documents while they are under audit at the Internal Revenue Service. 

Mr Trump’s pick to run the agency, Mr Chuck Rettig, has said there’s no prohibition on making the documents public while an audit is ongoing.

The report found that Mr Trump has written off a long list of things he classified as business expenses, including US$70,000 to his hair stylist while appearing on "The Apprentice," and more than US$95,000 for hair and makeup services for his daughter, Ms Ivanka Trump, who’s now a top White House aide. 

The Times also reported that Mr Trump has treated an estate in Westchester County, New York, as an investment property for tax purposes, despite listing it as a "retreat for the Trump family." 

CONSULTING FEES

The Times report also found that Mr Trump may be using consulting fees as a way to pay his children. Between 2010 and 2018, Mr Trump deducted US$26 million in "consulting fees" as a business expense. 

On her financial disclosure forms, Ms Ivanka Trump has reported consulting income that matched the figures on the tax returns. 

That could potentially run afoul of IRS rules prohibiting exorbitantly overpaying consultants or regulations against skirting gift and inheritance taxes. 

"It appears that the president has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes," House Ways and Means Chairman Richard Neal said in a statement. 

Mr Neal’s committee is engaged in ongoing litigation to obtain Mr Trump’s tax returns.

Since he became president, Mr Trump has seen an increase in demand from some business groups for events and conferences at his Mar-a-Lago resort in Palm Beach, Florida, his Washington hotel, and the Doral resort in Miami. 

Bank of America, the US Chamber of Commerce, and the Billy Graham Evangelistic Association are among organisations that have hosted events at Mr Trump properties in recent years, the Times documents show. 

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https://news.google.com/__i/rss/rd/articles/CBMiamh0dHBzOi8vd3d3LnN0cmFpdHN0aW1lcy5jb20vd29ybGQvdW5pdGVkLXN0YXRlcy90cnVtcC1wYWlkLWp1c3QtdXM3NTAtaW4tZmVkZXJhbC1pbmNvbWUtdGF4ZXMtaW4tMjAxNi1ueXTSAQA?oc=5

2020-09-28 01:53:06Z
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