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| Ousted PM's Children Acknowledges Order to Pay Tax on Shin Corp Share Sale |
| UPDATE : 2 August 2007 |
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The exiled Prime Minister's son and daughter have sent a lawyer to acknowledge the Revenue Department's evaluation of an 11.2 billion baht tax from their Shin Corp share sell-off.
Revenue Department Director-general Sanit Rangnoi says Panthongtae and Pinthongta Shinawatra, children of exiled Prime Minister Thaksin Shinawatra, have sent a lawyer to acknowledge the Revenue Department's formal evaluation on tax payment from the sale of Shin Corp's shares on July 27.
The Revenue Department informed the Shinawatra siblings' lawyer that Panthongtae and Pinthongta must pay a 5.6 billion baht tax from the mega-sale of Shin Corp shares to Ample Rich Investment, from which share prices were sold lower than actual prices on the market.
Moreover, the Shinawatra siblings will also have to pay a fine of 5.6 billion baht for the outstanding tax payment or interest of unpaid tax.
The total of the tax payment plus interest for the ousted premier's children will be approximately 11.2 billion baht according to the Revenue Department.
The Revenue Department Director-general adds, however, that the department will forward a reminder letter to the siblings.
Once they receive the formal letter from the Revenue Department, the two must pay the tax within 30 days or they could deposit assets worth the tax amount in a bid to file an appeal.
If both fail to follow the Revenue Department's procedure, the department will use its authority to seize their assets and auction them to get money from the public sale to pay off their taxes.
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