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Shin tax ruling sets new precedent: Others likely to seek similar treatment.
Feb. 2--A tax loophole exploited by the Shinawatra family regarding share transfers could have huge repercussions for taxpayers nationwide, according to legal experts.
The Revenue Department has ruled that share transfers involved in the sale of a 49 percent stake in Shin Corp by the Shinawatra and Damapong families to Singapore's Temasek Holdings did not involve any tax liability.
Temasek's share purchase from the two families for 73.3 billion baht did not incur capital-gains tax under a long-standing exemption for transactions made through the Stock Exchange of Thailand.
But analysts say more significant is the rulings made by tax officials regarding the share transfers in preparation for the Temasek sale.
On Jan 20, Ample Rich Investments, an offshore tax haven set up by Prime Minister Thaksin Shinawatra six years ago, sold 164.6 million Shin Corp shares each to Mr ...
- THAILAND'S AMPLE RICH SHIN CORP SHARE TRANSFER JUSTIFIED: SHIN.
- News wire article from: AsiaPulse News February 1, 2006 700+ words
...children, by Ample Rich Investments...SEC) and the Revenue Department had been met...He conceded Ample Rich Investments...enquiries with the Revenue Department and received...Corp shares by Ample Rich to both persons...
- Plenty of shady deals at Ample Rich, say Democrats.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) February 9, 2006 700+ words
...Byline: Nuntawun Polkuamdee Feb. 9--Ample Rich Investments conducted numerous unreported...according to the opposition Democrat Party. Ample Rich was established by Prime Minister Thaksin...family, earlier this month insisted that Ample Rich had made no transactions from 1999 to...
- Suvarn: No second or UK Ample Rich exists.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) February 10, 2006 700+ words
...allegations by the Democrat Party that a second Ample Rich Investments traded shares with UBS Bank...179 baht each from a UK-registered Ample Rich Investments. Mr Korn also raised questions...Shinawatra family had acknowledged that an Ample Rich Investments had been established in ...
- Shin tax liability hinges on proof.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) February 15, 2006 700+ words
...according to the Revenue Department. Senior officials...interpretation by the Revenue Department about transactions involving Ample Rich Investments...said that the Ample Rich sale, conducted...the senior Revenue Department official said...
- Tax status of overseas deals scrutinised.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) February 10, 2006 700+ words
...Feb. 10--The Revenue Department has launched an...Party charging that Ample Rich Investments had...authorities say that if Ample Rich had made prior...present," a senior Revenue Department official said. For Ample Rich, the key question...
- OUSTED THAI PM'S CHILDREN ORDERED TO PAY US$616 MLN TAXES.
- News wire article from: AsiaPulse News April 26, 2007 700+ words
...that the Revenue Department demand a...offshore company Ample Rich Investments...have the Revenue Department collect corporate...baht from Ample Rich or Mr. Panthongtae...released from Ample Rich to the Revenue Department for tax collection...
- THAI NEWSPAPER HIGHLIGHTS - FEB 10, 2006.
- News wire article from: AsiaPulse News February 10, 2006 700+ words
...holding unreported assets overseas through Ample Rich Investments. - The Revenue Department has launched an investigation into whether...allegations by the Democrat Party that a second Ample Rich Investments traded shares with UBS Bank in...
- BRIEFING - ASIA TELECOMMUNICATIONS - APRIL 26, 2007.
- News wire article from: AsiaPulse News April 26, 2007 700+ words
...has asked that the Revenue Department demand a corporate...the offshore company Ample Rich Investments, saying...resolved to have the Revenue Department collect corporate...billion baht from Ample Rich or Mr. Panthongtae...