Monday, March 16, 2015

Thai Govt. Officials Can’t Agree on Inheritance Tax Rate in New Bill

Thailand’s government officials can’t seem to agree on the fate of Thailand’s draft inheritance tax bill, which was sent back to the Finance Ministry for readjustment in February, according to the Bangkok Post.

The officials are getting hung up on whether the tax rate should be 10 percent or 8 percent and whether the ceiling for the tax exemption should be estates valued over 50 million baht or over 80 million baht. Both the Finance Ministry and the Thai Cabinet had passed the bill with the former rates, respectively.

The National Legislative Assembly didn’t approve the bill, though, sending it back to the Finance Ministry Feb. 9.
The Thailand probate attorneys at Thai law firm Chaninat and Leeds have assisted heirs from all over the world with probate proceedings in Thailand.
According to the Bangkok Post, Finance Minister Sommai Phasee said he thinks the bill should be thrown out if the tax rate, which already “almost amounts to nothing for state coffers,” is reduced.

It remains to be seen if the changes proposed by the NLA will be agreed upon by all government parties or if the bill will be killed by bureaucracy.

Read the full story here.

Related Articles:
New Inheritance Tax Approved by Thai Cabinet
Thailand Reviews Draft Inheritance Tax Bill, Officials Say Estates Exempt from Taxes

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