The draft Thai inheritance tax bill was endorsed by Thailand’s Cabinet on Tuesday, November 18, reports The Nation.
The tax rate in the draft bill is 10 percent and will only be collected on estates worth more than 50 million baht.
The Thai inheritance attorneys at Chaninat and Leeds have assisted Thai nationals and foreigners with matters concerning Thai inheritance laws since 1997.Prime Minister Prayut Chan-o-cha said the tax will be “a form of income distribution," according to The Nation.
The draft bill will now be deliberated by the National Legislative Assembly and is reportedly projected to be passed into law, imposing Thailand’s first inheritance tax by June 2015.
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Thailand Reviews Draft Inheritance Tax Bill, Officials Say Estates Exempt from Taxes