BANGKOK, THAILAND – Thailand’s tax authorities were preparing an extensive enforcement drive to recover a 17.6 billion baht tax bill from former prime minister Thaksin Shinawatra.
Finance officials plan broad asset review
An anonymous source in the Finance Ministry said officials were examining whether assets such as land, bank deposits and shares had increased in value since 2017.
“We are examining whether assets such as land, bank deposits or shares have increased since 2017.”
said the anonymous Finance Ministry source. Assets acquired or held by Thaksin since the last review were to be scrutinised closely, including any transfers to third parties.
Global search and possible legal action
If tax evasion methods were uncovered, authorities signalled they would move to recover the funds.
“If we discover tax tricks, we are prepared to initiate legal action to recover them.”
said the anonymous Finance Ministry source. The Revenue Department was expected to track down Thaksin’s assets worldwide, checking every bank account and property.
Seizures, auctions and insolvency threat
Some assets had already been seized in 2017, but officials stated that this had been far from sufficient, so enforcement would continue. Land, domestic and foreign bank accounts, claims and shares were all considered potential targets for the tax investigators. For non-cash assets, a public auction was planned, meaning Thaksin’s property could be sold off, and if he failed to pay,
“the ministry will initiate insolvency proceedings against him.”
said the anonymous Finance Ministry source.
Supreme Court decision triggers deadline
The tax office was waiting only for the final ruling of the Supreme Court, after which enforcement would resume immediately. By law, two written payment demands 30 days apart were required, and this deadline was already running. Officials described the situation as the most severe financial challenge yet for the former leader.
Shin Corp share sale at heart of tax case
The long-running tax dispute stemmed from the 2007 sale of Shin Corp shares to Singapore’s Temasek Holdings. Thaksin’s children had bought the shares for 1 baht each, even though the market price was 49.25 baht, and the difference was taxable. An original assessment of 11.5 billion baht had, through interest and penalties, risen to 17.6 billion baht.
Legal appeal rejected by top court
On 17 November, Thaksin suffered a major setback when the Supreme Court dismissed his lawsuit against the tax assessment. His lawyers had argued that the tax office had not given him a proper hearing, but the judges rejected this reasoning. They stated that the summonses were addressed to his children as proxies, which meant Thaksin himself was deemed informed.
Political signal or routine enforcement?
With the final judgment pending, the countdown had begun for the former prime minister as the “hot phase” of enforcement approached. The case raised broader questions inside Thailand about whether the proceedings were purely legal or also carried political implications. Observers were left to debate whether the drive to collect billions signalled justice being done or a continued power struggle surrounding one of the country’s most controversial political figures.