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Politics
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2006-11-08 08:25:08-05
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Thaksin's children fined and taxed 320 mn dollars
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Bangkok, Nov 8: The Thai Revenue Department on Nov. 7 demanded that ousted Thai Prime Minister Thaksin Shinawatra's son and daughter to pay 320 million dollars over as taxes on the controversial sale of their shares of Shin Corp. Panthongtae Shinawatra and Pinthongta Shinawatra, Thaksin's son and elder daughter, have to pay the tax amount and fines by the end of March next year, the tax officials said. The family sold their 49 percent stake in Shin Corp to Singapore's state-run Temasek Holdings for 1.9 billion dollars under a tax-free deal in January. Normally when individuals sell a company stake, the proceeds are subject to a 30 percent capital gains tax, but the Shin Corp deal took advantage of a long-standing provision that scraps the tax if the sale is conducted through the Stock Exchange of Thailand. The Shin Corp sale is also being scrutinized because of the Thai-based nominee companies which were used by Singapore firm Temasek to take over the company, possibly breaching foreign ownership laws.
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