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346663
Tue, 11/04/2014 - 15:58
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Thailand's inheritance tax expected to take effect within six months

BANGKOK, November 4 (TNA) - The Ministry of Finance says that it will propose Thailand's inheritance tax bill for the Cabinet's consideration next week and expects the tax should be imposed within six months without any retroactive effect. Thai Finance Minister Sommai Phasee told journalists on Tuesday that his ministry will seek the Cabinet's consideration and approval of the inheritance tax bill on November 11 and the bill will be then proposed to the National Legislative Assembly (NLA). Sommai assessed that the NLA should deliberate and finally pass the bill within about three months, after which the new bill will be published in the Royal Gazette and promulgated within three following months. Under the proposed bill, the minister stated, the inheritance tax rate is fixed at 10 per cent of the part of inheritance that exceeds the value of 50 million baht. The minister revealed that his ministry's Revenue Department will amend its Revenue Code so that the acceptance of assets from living givers will also be each subject to the same tax rate of the planned inheritance tax. According to the minister, if an inheritor is unable to afford the tax at once, he or she will be allowed to pay in installments in 2-3 years. Assets subject to Thailand's proposed inheritance tax include property, savings in bank accounts, shares and bonds, while such assets as gems and jewelry and gold are not subject to the inheritance tax. (TNA)

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