BANGKOK, THAILAND – Thailand’s Supreme Court reinstated a 17.6‑billion‑baht tax assessment against former prime minister Thaksin Shinawatra, overturning two lower-court rulings and jolting the country’s political scene.
Supreme Court reverses earlier tax rulings
The highest court restored the full tax claim over 17.6 billion baht linked to the sale of Shin Corp shares, setting aside decisions by two lower courts. The ruling reignited a years-long legal dispute and was delivered in a tense courtroom atmosphere, according to witnesses.
Disputed Shin Corp sale to Temasek
The case centered on the multibillion-baht sale of Shin Corp shares to Singapore’s Temasek Holdings, carried out via Ample Rich Investment Ltd. The transaction had been politically explosive, as it occurred while Thaksin Shinawatra was pursuing top political office. Courts had long examined allegations that nominee structures were used to bypass legal restrictions, with particular focus on the role of his children Panthongtae and Pintongta Shinawatra, who the court said acted as proxies.
Court condemns use of nominees
In its sharply worded reasoning, the Supreme Court found that the use of nominees had “no economic substance” and violated tax principles. The judgment stated:
“This structure served solely to circumvent legal hurdles and prevent the state from collecting tax correctly.”
said the Supreme Court, in its written decision.
The court declared the transactions unlawful, confirmed that penalty surcharges would remain in place and ruled there was no basis to waive or reduce them.
Lower courts’ procedural objections rejected
Previously, the Central Tax Court in 2022 and the Specialised Appeal Court in 2023 had annulled the tax assessment, citing procedural flaws. They criticized the tax authority for failing to issue a proper Section‑19 summons to Thaksin, arguing that without this formal step the entire assessment was void. By accepting the Revenue Department’s appeal, the Supreme Court rejected that line of reasoning in full.
Enforcement measures expected within months
The decision opened a difficult phase for Thaksin as the Revenue Department was required to prepare forced collection within one to two months. Property, bank accounts and shareholdings could now be targeted in enforcement measures. Observers expected heated political debate and extended media coverage, as the ruling came while Thaksin already faced pressure in several other proceedings.
Family reaction and political reverberations
His daughter Pintongta Shinawatra had previously said in another case that her father was “hurt and sad about the injustice,” a sentiment likely to resonate again within the Shinawatra camp. Commentators viewed the combination of the massive tax amount, political entanglements and use of nominees as emblematic of Thailand’s complex relationship between power and money.
Signal on rule of law, but new tensions ahead
With its latest decision, the Supreme Court sought to underscore that no one stands above the law. At the same time, the verdict opened new fronts in Thailand’s already polarised landscape. Political analysts described the outcome as a “legal earthquake” whose aftershocks could last for weeks or even months.