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【法律一分鐘】市政債券之簡介
作者: 劉孟哲律師/蘇姵蓁律師
市政債券(Municipal Bond)一般即由州、市或特殊目的地區發行用以為資本開支提供資金的債券，不同於中央政府債券，市政債券一般是在OTC交易而非在交易所報價。
以美國為例，美國市政債券依收入來源可分為一般責任債券(General Obligation Bonds）及收益債券（Revenue Bonds）兩種。前者係以發行人之聲譽或信用作為發行依據，而無其他實體資產或現金流擔保，並以地方政府財政稅收支付本息；後者之發行目的則多為籌措特定基礎建設之經費，包含公路、學校、機場、港口、醫院等發展，而以該等特定項目之收益支付本息。另依投資者承擔稅負與否則可分為免稅及課稅二類，免稅市政債券之利息可免除聯邦稅，如投資人居住於發行州，其利息通常亦可免除州稅；而課稅市政債券之境外投資人佔比較前者高，乃因境外投資人因毋需就課稅市政債之利息繳納美國聯邦稅及州稅。市政債券另依其變形尚可能有私人活動債券及道德義務債券等多種衍生型態。
(本文之內容不代表本所之立場或法律意見)
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สรุป Blind Trust คืออะไร แบบเข้าใจง่ายๆ / โดย ลงทุนแมน
หลังจากที่เรื่อง Blind Trust กลายเป็นประเด็นร้อนแรงทางการเมือง
มีหลายคนถามมาว่า ความจริงเป็นอย่างไร
ลงทุนแมนจะเล่าเรื่องนี้ให้ฟัง แบบไม่อิงเรื่องการเมือง
...Continue ReadingWhat is Blind Trust summary? Easy to understand / by investing man.
After Blind Trust becomes a political hot issue
A lot of people ask how the truth is.
Invest man will tell this story without politics
After reading this article, we will understand what Trust and Private Fund is.
May I ask for readers to refrain from commenting political parties after
What is Trust?
Trust is simple to explain is
The property department that the property owner has managed to manage the property with Trustee as a trustee.
In Thailand, there will be not many trust, but it will be popular in another form. That is the establishment of Fund).
Example of trust in our home that we may have heard of is REIT.
REIT stands for Real Estate Investment Trust aka a type of Trust that will invest in real estate.
For example, the famous REIT is CPNREIT which will invest in many central malls in Thailand.
However, the pattern that we are more familiar with is the fund.
Currently, the fund in Thailand is divided into 3 types.
1. Mutual Fund (Mutual Fund)
2. Provident Fund (Provident Fund)
3. Personal Fund (Private Fund)
If we know the LTF RMF fund or even go buy a bank fund
This fund will be the type of mutual fund which is offered to the person.
As for Provident Fund), people who work in the company will know each other because they are deducted funds from our salary and another part of employers who contribute to collect and invest in order to make us to use in. Retirement
The last type of fund is private fund or private fund
Most personal funds are established for major investors with their own investment policies, which may differ from general funds.
For example, personal funds, investors may determine the proportion of assets or industries themselves according to their needs
Personal funds don't have to be ordinary people. It may be an entity.
For example, companies or even have money left, but don't want to manage their own money, they set up personal fund managers like this as private fund.
Establishment of Trust will look similar to Private Fund
Different that Private Fund Property Manager will be the fund manager in the fund management company (PCL. I'm sorry.
But Trust Property Executive may be an expert in that asset not in the PCL. For example, a company specializing in real estate business, doing REIT management.
In the case of Mr. Nath who gave me the Ltd. The cuddle is actually called right, it will be private fund, not trust. However, the purpose is to give others their own property.
So what is Blind Trust?
Usually giving property to others to manage, people who manage, report to those who give property, what kind of money they invest in. What kind of bonds, what are the name of shares?
But the word Blind is this time the manager will not reveal to the property who gives money down.
This matter, those involved in writing laws may do it to prevent public and personal matters.
Because law authors don't know what kind of property they invest in.
For example, if we solve the law for telecommunications companies to pay more revenue. If the law enforcement knew that they wouldn't want to solve this law.
In fact, there is something beyond Blind Trust is Double Blind Trust.
Which is that the property will not even know the name of the property management. Such as if this case is double trust, Mr. Nath wouldn't know that the company. With cuddle Property Management and vice versa. With cuddle sart won't know that the property management of Mr. Nath.
The inspection part is a different point.
Trust and Private Fund, whether Blind or not, Blind is the same in the subject.
If cuddle government agencies want to investigate, they can check with that property manager.
Ending with interesting information..
A lot of people want to know how much of fund management industry is worth?
Year 2540 Property Value
Total Fund 101,750 million baht
Thinking about 2.15 % of GDP
Fund for living 137,245 million baht
Thinking about 2.90 % of GDP
Personal Fund 180 million baht
Thinking about 0.004 % of GDP
Year 2561 Property Value
Total Fund 5,045,826 million baht
Thinking about 30.98 % of GDP
Fund for living 1,129,096 million baht
Thinking about 6.92 % of GDP
Personal Fund 989,428 million baht
Thinking about 6.06 % of GDP
This shows that we Thai people are starting to see the importance of investment and this is starting to reflect the growth number in all types of industry.
And those who benefit from this, besides investors.
Not anyone anywhere
But it's a fund management company..
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References
-http://oldweb.aimc.or.th/22_infostats_personal_about.php
-https://www.set.or.th/th/products/listing/files/Know_trusts.pdf
-https://finance.zacks.com/blind-trust-vs-revocable-trust-1271.htmlTranslated
