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Thailand orders Ample Rich directors to pay US$616 million taxes

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Tuesday, April 24, 2007

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Thailand's anti-corruption body, the Assets Examination Committee (AEC) has instructed the country's tax authorities to issue a tax bill to the company set up by ousted Prime Minister Thaksin Shinawatra. The amount is US$616 million, or 20.89 billion baht.

The company Ample Rich is registered in the British Virgin Islands, however the AEC stated the company could not evade corporate tax due to their operations taking place within the Kingdom of Thailand.

With two of Thaksin's children on the board of directors of the company, and earlier rulings on tax liability, the Bangkok Post reports that the total tax liability for the Shinawatra family has now risen to 27.44 billion baht.

The main reason given by the AEC for the tax bill is the underpriced selling of Shin corporation shares to the Thaksin children at 1 baht per share only days prior to the sale of the company to Temasek holdings. The actual sale of Shin Corp. sparked street protests in Bangkok as the then-Prime Minister was accused of profiting from selling a national asset after changing the law to allow the sale to be tax-free.

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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

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