Draft Bill Imposing Thailand’s First Inheritance Tax Approved, Expected to Become Law

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

Thailand Reviews Draft Inheritance Tax Bill, Officials Say Estates Exempt from Taxes

People who are willed a property from a deceased spouse won’t have to worry about paying inheritance tax in provisions to be included in Thailand’s proposed inheritance tax bill, according to the Bangkok Post.

Thailand’s deputy prime minister, Pridiyathorn Devakula, reportedly announced in early October that estates worth less than 50 million baht would be exempt to “ease the burden on the grieving party.”

There had never been an inheritance tax in Thailand, but the National Council for Peace and Order has launched a national tax reform initiative and opted to propose a draft of an inheritance tax bill for lawmakers to review.

The Bangkok Post reports that Finance Minister Sommai Phasee said the highly contested inheritance tax bill may not be enforced this year as officials take more time to take all opinions into consideration to weight its advantages and disadvantages before finalizing the legislation.

Deputy Prime Minister Pridiyathorn said “the waiving provisions will be announced before the draft inheritance tax bill is put before the parliament,” according to the Bangkok Post.

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Bangkok Post – Inheritance tax will not cover spouse
Bangkok Post – Govt vows inheritance tax ‘fairness’