Three Years Ago: Selling Shin Corp via Ample Rich – The Politics of Tax
…the shares in Shin Corp were firstly transferred from Ample Rich to individuals in Thailand and then from the individuals in Thailand to Temasek Holdings on the Thai Stock Exchange, as follows:
Ample Rich sold 329.2 million shares in Shin Corp to individuals in Thailand at a price of Bt 1 per share.
On the following business day, the individuals in Thailand sold the 329.2 million shares in Shin Corp to Temasek Holdings on the Thailand Stock Exchange at a price of Bt 49.25 per share.
From these transactions, the individuals in Thailand earned capital gains income in the order of Bt 15.8 billion, but did not file any tax returns or pay any tax on the capital gains income…
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