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Viewing cable 07BANGKOK1968, NEW TAX INTERPRETATION SNARES THAKSIN; OTHERS TOO?

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Reference ID Created Released Classification Origin
07BANGKOK1968 2007-04-04 09:49 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Bangkok
VZCZCXRO4043
PP RUEHCHI RUEHDT RUEHHM RUEHNH
DE RUEHBK #1968 0940949
ZNR UUUUU ZZH
P 040949Z APR 07
FM AMEMBASSY BANGKOK
TO RUEHC/SECSTATE WASHDC PRIORITY 6046
INFO RUCNASE/ASEAN MEMBER COLLECTIVE PRIORITY
RUEHCHI/AMCONSUL CHIANG MAI PRIORITY 3393
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC PRIORITY
RUEATRS/DEPT OF TREASURY WASHINGTON DC PRIORITY
UNCLAS BANGKOK 001968 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
STATE FOR EAP/MLS AND EB 
COMMERCE FOR EAP/MAC/OKSA 
TREASURY FOR OASIA 
STATE PASS TO USTR FOR WEISEL 
 
E.O. 12958: N/A 
TAGS: ECON PREL TH
SUBJECT: NEW TAX INTERPRETATION SNARES THAKSIN; OTHERS TOO? 
 
REF: A. BANGKOK1813 
     B. 06BANGKOK788 
 
1. (U) On April 2 the government Asset Examination Committee 
(AEC, a committee set up by the current government to examine 
alleged cases of corruption committed during the Thaksin 
regime) ruled that the sale of shares in Shin Corp by former 
PM Thaksin's children was a taxable event (reftel A). The 
ruling overturned an April 2006 tax letter by the government 
Revenue Department (tax office) to the effect that it was not 
a taxable event because the transaction had occurred via the 
Stock Exchange of Thailand and Thai law exempts capital gains 
on trading done on the public bourse. 
 
2. (U) The rationale given by the AEC for overturning the 
previous decision was that the sale of shares by Ample Rich, 
the offshore company which held the shares for Thaksin's 
family, sold the shares to Thaksin's children at Bt1/share 
when the market value was Bt49.25/share. The AEC determined 
that 1) even though this transaction nominally took place in 
Singapore, because the share registry for Shin Corp shares is 
in Thailand, the transaction was deemed to have been 
"completed" in Thailand. 2) Capital gains taxes are due on 
the difference between the cost of the Ample Rich share 
purchase by Thaksin's children and the market value. 
 
3. (SBU) Tax and legal experts with whom we have spoken are 
concerned about various aspects of this decision: 
-There has been no rescission of the April tax letter from 
the Department of Revenue. Experts now question the value of 
such letters. 
 
-The registry for shares in all Thai companies exists only in 
Thailand. Does this mean that offshore transactions between 
offshore entities could now be deemed to be taxable events in 
Thailand if they involve trading in Thai shares? 
 
-Most problematic, the AEC has determined that a capital 
gains event took place when the shares were purchased by the 
Thaksin children from Ample Rich. The precedent of assigning 
a capital gain at the time of purchase could be a problem, 
tax lawyers say, because it could mean that there is a whole 
new field for government to audit. They ask why the AEC 
instead did not deem the transaction a case of income and 
require tax to be paid under the income tax code. 
 
4. (SBU) Comment: As reported in reftel B, Thaksin has been 
shuffling his shares in Shin Corp around the globe from the 
time he entered politics in order to avoid limits on 
politicians owning more than 5 percent of a company. The 
manner in which he structured the sale of Shin Corp to 
Temasek was clearly done to limit any tax liability. The 
problem for the current regime is that Thaksin's tax lawyers 
were largely successful in this effort. Further, if changes 
to the Foreign Business Act go through in their current form 
and foreign companies and/or their nominees are required to 
sell or swap shares, the value at which these deals are 
transacted will have to be done with a view of the new rules 
set by the AEC. The liability of each party in a private 
transaction has now potentially increased by a significant 
degree. 
ARVIZU