Business
11:21, 18-Jun-2018
Thai king assumes control of US$30bn crown assets
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Assets previously registered to Thailand's Crown Property Bureau will now be
held "in the name of His Majesty," the bureau said on its official website
on Saturday, the latest shake-up in royal affairs under King
Maha Vajiralongkorn.
The Crown Property Bureau said its assets will now
be "subject to the same duties and taxation as would assets belonging to
any other citizen."
Previously, assets registered in the name of the Crown
Property Bureau were exempted from tax.
"The removal of exempted status was
accomplished in line with His Majesty's wishes," the statement said.
The
exact size of the Crown Property Bureau is not made public, but Forbes
magazine valued the bureau's holdings in real estate and other investments at
more than 30 billion US dollars in 2012.
King Vajiralongkorn, 65, who became monarch
after the death of his father, King Bhumibol Adulyadej, in 2016, has overseen
a number of changes to the way royal affairs are managed since taking the
throne.
A royal property law was amended in July last year to formally
give the king full control of the Crown Property Bureau, which manages the
multi-billion dollar holdings of the monarchy and controls huge swathes of
land in Bangkok.
Source(s): Reuters