BANGKOK, Nov 11 — Thailand’s Ministry of Finance will present its inheritance tax bill to the cabinet on Wednesday, a bill seeking a 10 per cent tax on inherited assets worth more than Bt50 million.
It will also propose measures to prevent tax evasion.
Finance Minister Sommai Phasee said that the 10 per cent rate was lower than such taxes in many countries and his ministry would propose many exemptions.
He said the tax would be imposed only on more than Bt50 million inheritance and on registered assets such as real estate, land, stocks and bonds. Inheritors would be allowed to pay in installments during two to three years.
Those with substantial inheritances should not panic and rush into transferring their assets to family members.
The Revenue Code will be amended to charge a 5 per cent gift tax to prevent inheritance tax evasion by transferring assets worth less than Bt50 million at one time. Recipients of such gifts must declare obtained assets to calculate their personal income tax at the end of each calendar year.
Mr Sommai said that after cabinet approval, he expected the National Legislative Assembly to pass the inheritance tax bill because it would create taxation fairness.
