The Thai Revenue Department has stated that if the full amount of 17.6 billion baht (about S$700 million) in unpaid taxes cannot be recovered, it may initiate bankruptcy proceedings against former Prime Minister Thaksin Shinawatra.
According to Bloomberg, Acting Director-General Somsak of the Thai Revenue Department indicated in a statement on Friday (June 5) that, following a Supreme Court ruling that Thaksin must pay the full amount of taxes and penalties arising from the nearly two-decade-old sale of telecommunications company Shin Corp, the authorities have continued collection actions, including issuing payment notices and investigating his assets that could potentially be seized or frozen.
He said that the Revenue Department is currently tracking Thaksin's assets both domestically and abroad, coordinating with relevant agencies, and undertaking enforcement actions to recover the owed taxes.
Somsak added, “If all enforcement measures have been exhausted but Thaksin still fails to pay the full amount of taxes, the Revenue Department will consider initiating bankruptcy proceedings against him. We will continue to act within the statutory time limits and limitations period to protect national interests.”
According to reports, Thaksin sold his shares in Shin Corp to Singapore's Temasek Holdings in January 2006 for 73 billion baht, but did not pay taxes on the transaction, sparking public criticism and triggering large-scale anti-government protests in Bangkok that year.
The tax recovery process began in 2017 and has been repeatedly litigated in various courts. On November 17, 2025, the Thai Supreme Court overturned the rulings of the lower courts and ordered Thaksin to pay 17.6 billion baht in back taxes and penalties.
The Bangkok Post, citing political analysts, noted that despite continued pressure from conservative factions, the current government's room for aggressive action is limited due to complex political considerations and the stability of the ruling coalition.
He said that the Revenue Department is currently tracking Thaksin's assets both domestically and abroad, coordinating with relevant agencies, and undertaking enforcement actions to recover the owed taxes.
Somsak added, “If all enforcement measures have been exhausted but Thaksin still fails to pay the full amount of taxes, the Revenue Department will consider initiating bankruptcy proceedings against him. We will continue to act within the statutory time limits and limitations period to protect national interests.”
According to reports, Thaksin sold his shares in Shin Corp to Singapore's Temasek Holdings in January 2006 for 73 billion baht, but did not pay taxes on the transaction, sparking public criticism and triggering large-scale anti-government protests in Bangkok that year.
The tax recovery process began in 2017 and has been repeatedly litigated in various courts. On November 17, 2025, the Thai Supreme Court overturned the rulings of the lower courts and ordered Thaksin to pay 17.6 billion baht in back taxes and penalties.
The Bangkok Post, citing political analysts, noted that despite continued pressure from conservative factions, the current government's room for aggressive action is limited due to complex political considerations and the stability of the ruling coalition.