Authority to check on Thais identified in "Panama Papers"

BANGKOK, April 8 (TNA) - The Revenue Department, under the Ministry of Finance, is investigating a case in which Thai nationals have been identified in the so-called "Panama Papers". Finance Minister Apisak Tantivorawong told journalists on Friday that his ministry is waiting for information on the Thai citizens identified by a Panama-based law firm, Mossack Fonseca, for having offshore holdings, so that their tax payment records will be subsequently examined. The minister said overseas businesses are normal, but some politicians or business persons might use them to avoid taxation and he, thus, ordered the Revenue Department to thoroughly check the tax records of such persons. Meanwhile, Revenue Department Director-General Prasong Poontaneat noted that his department is waiting for the information from the Anti-Money Laundering Office (AMLO), assuring fair treatment for the identified Thai nationals. The Revenue Department chief conceded that Thai firms might be set up in other countries for money-laundering or tax evasion purposes, or for real businesses and such establishment is a normal cost-reduction practice of the private sector. The Revenue Department chief also admitted that it is difficult to acquire documents on assets in other countries in case that the concerned countries are not obliged with a relevant double taxation convention. (TNA)