The Revenue Department will pursue the collection of Bt12 billion (S$512.4 million) in tax from two of Thaksin Shinawatra's children even if the Supreme Court's Criminal Division for Political Office Holders rules in favour of the ex-premier and his family keeping their assets, Finance Minister Korn Chatikavanij said yesterday.

"The department will reserve its right to collect taxes from the children of Thaksin, in the event that the Supreme Court does not confiscate his family assets worth Bt76 billion," Korn told reporters.

A dispute over such payment is pending in the Central Tax Court, he said.

The department has also asked the court to confiscate the assets frozen by the now-defunct Assets Examination Committee, which accused Thaksin of both concealing his assets and corruption during his time as prime minister.

However, this is a different matter, said Korn, as the Revenue Department demands personal income-tax payment on the grounds that his children Panthongthae and Pinthongtha had previously earned income from buying shares of Shin Corp at below market prices before selling them to Singapore's Temasek Holdings in 2006.

They bought 329.2 million Shin Corp shares at Bt1 apiece from Ample Rich Investment in January 2006 while the market price of Shin stock at the time was Bt49.25.

Later the same month, they sold their entire stake in Shin to Temasek, which also bought the other Shin shares belonging to their family.

The two siblings' gains are considered as income amounting to Bt15.88 billion, which should be added to their earnings for personal income-tax purposes.

The tax due is calculated by the authorities at Bt11.809 billion.

However, if the court ruled today in favour of the AEC petition to confiscate the entire Bt76 billion, then the Revenue Department would have to look at other Shinawatra-owned assets to cover their outstanding taxes.

"We must honour the court's ruling. The ministry is ready for whatever verdict is read. If the court rules that the entire Bt76 billion be confiscated, the amount would go into the national vault," Korn said.

Korn said the ruling should not affect the liquidity of the country's financial system, as liquidity was still high at Bt1.7 trillion.

As for the stock market, he said the ruling, whatever it may be, should not have a significant impact because investors had already factored it in.

"Investors should consider the economy's fundamentals and listed companies' results rather than the political situation," suggested Korn, adding that the economy was recovering and a number of listed companies had posted good performances.

Meanwhile, Sathit Limpongpan, permanent secretary of the Finance Ministry, yesterday said he had reported to Korn about the Revenue Department's procedure for freezing the Bt12 billion. "The freezing of the amount will remain in effect, even if the court rules not to confiscate the assets, until the tax due is paid," he said.

"The department will closely monitor the freezing of the Bt12 billion as deposited at Siam Commercial Bank, so as to prevent any possible error in the event the assets are not confiscated and the asset-owners want to withdraw their money before any tax has been paid," said Deputy Finance Minister Pradit Pataraprasit.

Pradit is responsible for the Revenue Department.