Photo courtesy of Bangkok Post

 

The Thai Revenue Department has ramped up efforts to investigate the assets of former Prime Minister Thaksin Shinawatra to recover a substantial tax debt of 17.6 billion baht. This debt stems from the sale of shares in Shin Corp, a telecommunications company he founded, to Singapore’s Temasek Holdings. An anonymous source from the Revenue Department disclosed that this move is part of a continued probe initiated in 2017 during the administration of Prayut Chan-o-cha. The department aims to establish whether any of Thaksin's assets have increased or shifted since their last detailed assessment.

 

The inquiry seeks to trace any assets, including land holdings, bank deposits in Thailand or overseas, as well as any shares, that could contribute toward settling the tax liability. Additionally, it will look into any potential asset sales or transfers made into other people’s names, which might have been attempts to evade the tax obligations. Should such evasive actions be confirmed, the department is prepared to pursue legal measures to reclaim what is owed.

 

Background on the tax issue dates back to a disputed transaction in 2007, involving the sale of Shin Corp shares. At the time, shares changed hands between Ample Rich, an investment company, and Thaksin's children, Panthongtae and Pintongta Shinawatra, for 1 baht per share despite a market value of 49.25 baht. This discrepancy led the Revenue Department to assess a tax liability of 11.5 billion baht based on the perceived income.

 

However, the Central Tax Court and the Appeals Court annulled these tax assessments against Thaksin's children, asserting that they were not the true shareholders. This judgment was rooted in an earlier decision by the Supreme Court’s Criminal Division for Holders of Political Positions, which determined that Thaksin was the actual owner of the shares held under Ample Rich. Consequently, the tax assessments needed to be recalibrated to address Thaksin directly.

 

The Supreme Court recently dismissed a petition from Thaksin that sought to nullify the Revenue Department’s tax assessment on procedural grounds. Thaksin’s legal team had argued that the department had failed to follow the required steps of issuing a summons to verify information before proceeding with a tax notice, which they claimed violated due process. However, the Supreme Court ruled that summonses had indeed been issued to his children, who acted as nominees on his behalf. As a result, the petition was dismissed, and Thaksin remains liable for the full tax amount.

 

The efforts to recover the debt have broad implications. In the event that Thaksin lacks sufficient assets to fulfill the liability, the Revenue Department may initiate bankruptcy proceedings. Once the ongoing investigation is completed, any identified assets including cash, land, or shares will be earmarked to repay the debt. Monetary assets will directly offset the liability, while non-monetary assets could be auctioned publicly to recover funds.

 

Another critical step in the process hinges on a forthcoming ruling from the Supreme Court, facilitated by the Office of the Attorney-General. This ruling will allow the Revenue Department to formalize the tax amount through official notifications to Thaksin, reaffirming his obligation to pay. According to the department's regulations, at least two written notices must be sent within 30 days of each other, providing an opportunity to coordinate the notifications with asset tracing efforts.

 

The Supreme Court's stance has significant repercussions not only for Thaksin but also for the broader political and business discussions in Thailand. The case highlights ongoing challenges related to wealth scrutiny and tax compliance in Thai politics. Experts observe that the implications extend beyond Thaksin, potentially influencing policy making and enforcement in cases involving high-profile individuals.

 

The outcome of this investigation and subsequent legal actions could serve as a precedent for handling similar cases in the future. Meanwhile, the government stands to benefit from recovered funds that are designated as public revenue. Authorities remain vigilant in ensuring due diligence is observed throughout the proceedings, maintaining a transparent process that upholds both legal standards and public interest.

 

As the investigation progresses, it will be vital to monitor how this situation unfolds and the impact it may have on Thaksin's legal standing and political influence. The intricate dealings of high-stakes tax cases continue to captivate attention, underscoring the critical intersection of finance, politics, and law in Thailand, reported Bangkok Post.

 

Key Takeaways

• The Revenue Department intensifies efforts to recover Thaksin's 17.6-billion-baht tax debt.
• The Supreme Court confirmed the tax assessment process was followed correctly, maintaining Thaksin's liability.
• Potential legal proceedings, including bankruptcy, underscore the broader implications for future tax compliance cases.

 

Related stories:

Thaksin 's Lese-Majeste Appeal Deadline Extended Again

Thaksin 's Stress Behind Bars Raises Health Concerns

 

  Adapted by ASEAN Now from Bangkok Post 2025-11-25

 

 

 

Poor  tony he cant take a trick now they have him they dont want to let him go

the who family should be in jail

 

Thai people have idea just how rich this family is or - more importantly how they got that rich

 

rot in jail - give the loot back to the people, this is why Thailand is failine right now - corruption and incompetence on a scale that is not globally recognized.........this place is as CAF

Beside Thaksin who is way down the list in wealth, they should be doing the same for those further up the list -  they would all be doing the same thing. 

 

Maybe putting himself in the spotlight was not a good idea after all.

 

 

2 hours ago, Artisi said:

Beside Thaksin who is way down the list in wealth, they should be doing the same for those further up the list -  they would all be doing the same thing. 

 

Yup, it's squeaky bum time in the Amart.

Forbes has Thaksin being ranked #11 of the richest in Thailand with net worth at 2.1 billion

15 hours ago, snoop1130 said:

a tax liability of 11.5 billion baht based on the perceived income.

 

Is going to be poor Thaksin if they do not find a way to weasle out of this debt. They deserve nothing better than this since the transaction was obviously a scam. Selling the stock for 1 baht when its value was almost 50 baht was a good scam. Luckily the tax office has persisted in claiming the perceived value of that stock and the taxes owed from the sale of it. 

Karma is a biotch. 

 

Finally, the revenue department goes after the right people. Hopefully they will now leave the foreigners alone.

37 minutes ago, thesetat said:

 Selling the stock for 1 baht when its value was almost 50 baht was a good scam. 

 

its all    suspcious from   both side , tax office and  the shins.

 

gernerall In THAILAND SHARESELLING  AFTER 12 MONTH  is TAX FREE for investors until today,this apply to small holder same as to big holders. if the seller is a company ltd or plc it looks maybe  diffrent-.

 

its at the end all , about selling thailands assets to singapore, their the revenche started, its all political and a which hunt.

 

taxsin, was done a lot  " take avantage of laws" -in favour of shin corp ,itv,  and advanc  , but therefore nobody blame him, all about tax, thats all-and just political

 

He returned from Dubai with his ego telling him he had, one way or another, silenced all those opposed to him. Big mistake.

5 hours ago, Artisi said:

Beside Thaksin who is way down the list in wealth, they should be doing the same for those further up the list -  they would all be doing the same thing. 

The catch is tht those above probably have good accountants and financial reps.  They stayed above the law, paid what they had to, and did not  try to turn the country on its ear.

 

Anyone in PTP who did not see this coming must be really dumb.

 

Khun Chidchob and Thaksin have been at each other for awhile.  Now that chicdchob and Anutin can get their hooks intothe family they are gong to.  

 

You can also bet that the PPP are assisting on the sidelines.

 

Remember the thing that our fathers used to tell us when in  a fight, if you knock the bully down, for god sakes, keep him down 

 

Thaksin came back and made a calculated guess that the people would ot notice his crap with the hospitals and with him being the puppetmaster.

 

He also underestimated his friend in Cambodia.

 

They now have him in a lace where he can not run to the press or do the nice tings he used to to prop himself and the PTP up.  

 

There is absolutely no chance in hell tht they are going to let him out to spout his garbage in an election cycle.

 

The more mud they can sling the worse it gets for PTP.

 

 

 

 

 

He’s not stupid all his billions will be in offshore accounts it tax free countries like Dubai why do you think he lived there he didn’t get to the powerful position he once held by being stupid 

33 minutes ago, crazykopite said:

He’s not stupid all his billions will be in offshore accounts it tax free countries like Dubai why do you think he lived there he didn’t get to the powerful position he once held by being stupid 

He is locked up, probably still in a vip room. He has no choice but to cave in.

Investigate the magic cure all elixir he used to get out of jail in 18 hours, he must be selling it to the kingdoms elite🤔

19 hours ago, snoop1130 said:

The inquiry seeks to trace any assets, including land holdings, bank deposits in Thailand or overseas, as well as any shares, that could contribute toward settling the tax liability. Additionally, it will look into any potential asset sales or transfers made into other people’s names, which might have been attempts to evade the tax obligations. Should such evasive actions be confirmed, the department is prepared to pursue legal measures to reclaim what is owed.

 

Good!

7 hours ago, Artisi said:

Beside Thaksin who is way down the list in wealth, they should be doing the same for those further up the list -  they would all be doing the same thing. 

 

Yes, why not?

5 hours ago, Bert got kinky said:

 

Maybe putting himself in the spotlight was not a good idea after all.

 

 

 

yep

 

 

 

20 hours ago, snoop1130 said:

The inquiry seeks to trace any assets, including land holdings, bank deposits in Thailand or overseas, as well as any shares, that could contribute toward settling the tax liability.

He's got billions tucked away... good luck tracing everything

21 hours ago, snoop1130 said:

Should such evasive actions be confirmed, the department is prepared to pursue legal measures to reclaim what is owed.

If "such evasive actions be confirmed", shouldn't the department also then pursue tax evasion charges?

this professional  money grabber will have the bulk of his money secured abroad safe from the tax authorities. 

3 hours ago, fondue zoo said:

 

yep

 

 

 

A perfect  home goal. 

"I want to believe" 🤔

If they cannot find his wealth and he does not pay up what will they do. Put him back in jail?

The dark forces here that control things from the sidelines have him where they want him and it's been a master class in how to take down a big problem from the nationalists and conservatives. They will take all his money and leave him and his family penniless and unable to interfere in politics again... the system here is brutal when it comes to this sort of stuff.

Once Thaksin and PT party are snuffed out and finished, the Democratic party will be bought off and allowed into a coalition of the meaningless, then it will be PP party and their leadership's turn, already started with petitions and the like, MPs also now jumping ships with promises of money or positions next year etc., and by the time the next election comes round, it will have the only working choice as BJP and Anutin as he is still the military's man... so predictable. 

It's all about giving off the illusion of choice here until it's time to make the choice, then it's taken away.

All he had to do upon returning to Thailand was to lead a very quiet life.

6 hours ago, ryxyz said:

All he had to do upon returning to Thailand was to lead a very quiet life.

Playing with his grandkids he missed so much.