Revenue Department Intensifies Probe into Thaksin’s Assets for 17.6-Billion-Baht Tax Recovery
The Revenue Department is escalating its investigation into former prime minister Thaksin Shinawatra’s assets to recover a massive 17.6-billion-baht tax debt. This follows a recent Supreme Court ruling that upheld the tax assessment related to the Shin Corp share sale to Singapore’s Temasek Holdings.
Key Takeaways
- Thaksin faces 17.6 billion baht in tax debt from Shin Corp share sales
- Revenue Department investigating all assets including land, bank deposits, and shares
- Previous asset seizures insufficient to cover the full debt amount
- Bankruptcy proceedings possible if assets are inadequate
Asset Investigation Details
According to a Revenue Department source, the current probe aims to identify any assets acquired since 2017 or those transferred to other names to evade tax payment. The department is prepared to take legal action to reclaim such assets.
Once identified, monetary assets will directly offset the debt while non-monetary assets will be sold through public auction. Previous seizures of land and bank deposits have proven insufficient to cover the 17.6-billion-baht liability.
Legal Process and Timeline
The department awaits a Supreme Court ruling from the Office of the Attorney-General before sending formal payment notifications to Thaksin. Under regulations, taxpayers must receive at least two written notices 30 days apart.
If the investigation reveals insufficient assets, the department will file bankruptcy proceedings against the former prime minister.
Case Background: The Shin Corp Share Sale
The tax case dates back to 2007 when the Revenue Department assessed tax on Shin Corp share sales between Ample Rich and Thaksin’s children, Panthongtae and Pintongta Shinawatra. The shares were purchased at 1 baht each while the market price was 49.25 baht, creating taxable income.
Initially assessed at 11.5 billion baht, the case saw multiple court battles. The Central Tax Court and Appeals Court revoked assessments against Thaksin’s children, ruling they weren’t actual shareholders. The Supreme Court later determined the shares actually belonged to Thaksin through Ample Rich.
Supreme Court Ruling
On November 17 this year, the Supreme Court dismissed Thaksin’s petition challenging the tax assessment procedures. His lawyers argued the department failed to issue proper verification summonses before assessment notices.
However, the court ruled that examination summonses sent to Thaksin’s children, deemed his nominees, were sufficient. This dismissal potentially makes Thaksin liable for the full 17.6 billion baht tax payment to the government.
