Thaksin's children fined and taxed $ 320mn

BANGKOK: The children of ousted premier Thaksin Shinawatra have been ordered to pay 320 million dollars over a controversial sale of shares in telecoms giant Shin Corp, a tax official said on Wednesday.

Panthongtae Shinawatra and Pinthongta Shinawatra, Thaksin's son and elder daughter, had to pay a total of 11.7 billion baht (320 million dollars) in taxes and fines by the end of March next year, the official said.

The family sold their 49 percent stake in Shin Corp to Singapore's state-run Temasek Holdings for 1.9 billion dollars under a tax-free deal in January.

Normally when individuals sell a company stake, the proceeds are subject to a 30 percent capital gains tax, but the Shin Corp deal took advantage of a long-standing provision that scraps the tax if the sale is conducted through the Stock Exchange of Thailand.