Thailand Inheritance Tax Bill Approval Delayed, Debate Continues

by admin on March 16, 2015

Thailand’s Parliament did not pass the proposed controversial inheritance tax bill and sent it back to the Finance Ministry for modification, reports the Bangkok Post.

The bill originally proposed by the Finance Ministry and approved by the cabinet set the tax rate at 10 percent for assets over 50 million baht.

According to the Bangkok Post, there have been talks of extending the tax ceiling up to estates over 80 million baht and reducing the tax rate to 8 percent.

Chaninat and Leeds’ family attorneys specialize in Thailand probate laws and have successfully recovered sizable estates and assets for hundreds of clients.

Finance Minister Sommai Phasee reportedly said the originally proposed rates were already low and “almost amounts to nothing for state coffers,” and if the changes were accepted, the taxes would be futile and the bill should be thrown out.

The National Legislative Assembly (NLA) sent the bill back to the Finance Ministry for reconsideration.

Read the full story here.

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