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Revenue Department calls Thaksin to acknowledge and pay 17 billion baht in tax and fine assessment today

The Revenue Department has now assessed the capital gain tax and fines that the former premier Thaksin Shinawatra has to pay for the sale of Shin Corporation shares, now renamed Intouch Holdings Plc, in 2006 at 17 billion baht.

The department has officially notified Thaksin or his representative to hear and acknowledge the assessed tax and fine at the revenue office today at 10.30 am.

Thaksin or his representative could contend the department's tax and fine assessment and appeal.

An appeal committee will be appointed to consider his appeal.

The tax was assessed from the capital gains the former premier obtained from the sale of 49.6 percent stake in Shin Corporation to two nominees of Temasek Holding (Cedar Holdings and Aspen Holdings) on January 2006. Thaksin family netted about 73 billion baht (about US$1.88 billion).

Thaksin's son and daughter purchased 329.2 million shares in Shin Corporation from their father's nominee firm Ample Rich Investment Ltd for 1 baht a share. They later sold the shares to the two nominees of Temasek Holding at 49.25 baht per share through the Stock Exchange of Thailand to get tax exemption.

Source: Thai Public Broadcasting Service (Thai PBS)

Revenue Department calls Thaksin to acknowledge and pay 17 billion baht in tax and fine assessment today

The Revenue Department has now assessed the capital gain tax and fines that the former premier Thaksin Shinawatra has to pay for the sale of Shin Corporation shares, now renamed Intouch Holdings Plc, in 2006 at 17 billion baht.

The department has officially notified Thaksin or his representative to hear and acknowledge the assessed tax and fine at the revenue office today at 10.30 am.

Thaksin or his representative could contend the department's tax and fine assessment and appeal.

An appeal committee will be appointed to consider his appeal.

The tax was assessed from the capital gains the former premier obtained from the sale of 49.6 percent stake in Shin Corporation to two nominees of Temasek Holding (Cedar Holdings and Aspen Holdings) on January 2006. Thaksin family netted about 73 billion baht (about US$1.88 billion).

Thaksin's son and daughter purchased 329.2 million shares in Shin Corporation from their father's nominee firm Ample Rich Investment Ltd for 1 baht a share. They later sold the shares to the two nominees of Temasek Holding at 49.25 baht per share through the Stock Exchange of Thailand to get tax exemption.

Source: Thai Public Broadcasting Service (Thai PBS)

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