The fascinating Ample Rich Tax Case in Thailand comes to an end – sherrings.com, April 2012
…But instead of transferring the shares in Shin Corp from Ample Rich to Temasek Holdings directly, 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…
Foreigners should note (as the above summary of events illustrates), the Ample Rich Tax Case was decided by political agenda, rather than on the basis of the Thai tax law, and we in Thailand don’t have (and will probably never have) the Supreme Court’s decision re this tax matter…