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| Revenue Dept to Seize Assets of Ousted PM's Children to Pay Outstanding Taxes |
| UPDATE : 1 October 2007 |
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The Revenue Department has ordered all state agencies and commercial banks to report on assets of the deposed prime minister's children in preparation to seize their assets as the siblings have more than 10 billion baht unpaid tax from the Shin Corp share sell-off.
Director-general of the Revenue Department, Sanit Rangnoi reveals that the department has forwarded a letter to both local and foreign commercial banks registered in Thailand to notify the department on the ownership of assets such as cash, houses, land, share holdings, golf courses, cars, and bonds and other forms of assets belonging to Panthongtae and Pinthongta Shinawatra, children of exiled prime minister Thaksin Shinawatra.
The Revenue Department is preparing to seize Panthongtae and Pinthongta assets to pay off the outstanding tax from the Shin Corp share sell-off, worth more than 10 billion baht.
Sanit says that after the Revenue Department is notified of the siblings' assets, the department will use the power in accordance with the Revenue Code's article 12 to order state agencies and commercial banks to transfer Panthongtae and Pinthongta's assets to be under the name of the Revenue Department as it has the authority to seize assets of those who refuse to pay taxes.
The Revenue Department's director-general adds that, according to the Criminal Code, the department has the power to seize assets without a court order.
Sanit added that the Revenue Department has evaluated that Panthongtae and Pinthongta have much more assets and cash besides the 73 billion baht earned from the Shin Corp share sale.
The Revenue Department recently assessed that the two siblings will have to pay up to 13 billion baht of taxes, which is higher than the previous evaluation of only 11.3 billion baht because there are fines and penalties included in the new tax assessment.
If the assets of Panthongtae and Pinthongta, seized by the Revenue Department, do not reach the amount of their unpaid taxes, the department will ask the court to declare the siblings bankrupt.
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