Thailand expected to start collecting inheritance, land taxes in March 2015

BANGKOK, October 11 (TNA) - Thailand's interim government is expected to start collecting inheritance and land taxes as of March 2015, as the issues are urgent matters to create justice in the Thai society. Chartchai Na Chiangmai, a member of the National Reform Council (NRC) and a former vice rector of the Bangkok-based National Institute of Development Administration (NIDA), made the projection on Saturday, saying that the collection of the newly-introduced taxes, proposed by Prime Minister General Prayut Chan-ocha, is aimed at reducing social disparity. Chartchai urged the rich to understand that the government's planned collection of the new taxes is essential, as they have gained from the country’s natural resources and now it is time for them to “pay back excess money to the nation.” Chartchai noted that money collected from the inheritance and land taxes will be spent by the government to help improve the livelihood of the poor. Initial discussions with concerned government agencies show, meanwhile, that inheritance tax will be imposed from those receiving above 50 million baht, which is acceptable by the majority of people, while those inheriting property less than 50 million baht will not be affected. Regarding the government's policy on keeping the value-added tax (VAT) at the current 7 per cent for another year, the NRC member suggested that the VAT rate be raised to 10 per cent in the future like several other countries. (TNA)