Tax authorities eye Shinawatras' frozen funds
The Revenue Department on Monday ordered Siam Commercial Bank (SCB) to transfer 12 billion baht (US$351.8 million) in funds from the frozen accounts of ousted premier Thaksin Shinawatra's son (Panthongtae) and daughter (Paethongtarn) to be used to make tax payments, a spokesman from the department was quoted as saying by Thai News Agency (TNA).
Sathit Rangkasiri told a press conference that to clear up the confusion facing the bank, the Revenue Department had requested SCB to transfer the sum, deposited at the bank and ordered frozen by the now-defunct Assets Examination Committee (AEC), which would be used to pay tax.
During the press conference, Sathit did not directly refer to the Shinawatra family, using only the term “taxpayers”.
After receiving the money, which would have a fine added to it and 1.5% monthly interest terms, the funds would automatically become state revenue, Sathit said.
In accordance with the law, SCB must transfer the money to the Revenue Department within 15 days and if the bank fails to provide sufficient reason why it has not been carried out, it would be taken to task, he said.
Sathit said his department had informed SCB twice of the request, by letter. The first letter was sent on July 31 and the second last Friday (August 22), ordering the bank to speed up its transfer of the frozen funds.
He said the Revenue Department had cooperated well with the AEC, created by the military administration, until the AEC had been dissolved. According to the nature of its duties, it had to take such action because the funds were still frozen in the bank, he said.
If the “taxpayers” were ruled to be not guilty through a later appeal process, the money could be returned to them, the spokesman said.
The Revenue Department earlier ordered Thaksin's children to pay income tax totaling 12 billion baht from their earnings from Shin Corp's share transactions between themselves and Ample Rich Investment. The two children are accused of evading tax payments on their estimated earnings of 15 billion baht from the transactions.
The 12 billion baht is part of 76 billion baht's worth of assets gained by the Shinawatras, obtained from the sale of Shin Corp to Singapore's Temasek Holdings in January 2006 on the same day the Thai Telecommunications Act was enforced. The entire assets were frozen following the September 19, 2006 bloodless coup that toppled the former Thaksin government. Thaksin and his family, now in England, paid no capital gains tax.
In another development, civil servants from the Attorney-General's Office on Monday carried 600 files, contained in 94 boxes, relating to how Thaksin accumulated his abundant wealth, to the Supreme Court's Criminal Division for Holders of Political Positions.
The evidence will be used by the court in seizing the 76 billion-baht's worth of assets of the Shinawatras. The Court will meet at a later date to appoint nine judges to make a final verdict on the seizure of 76 billion baht for the state. - Thai News Agency (TNA).
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