BANGKOK, Nov 4 — Thailand’s Ministry of Finance will propose its inheritance tax bill to the cabinet next week and expects the tax will be imposed in six months without any retroactive effect.
Finance Minister Sommai Phasee said the ministry would seek cabinet approval for the tax next week. The bill will then be proposed to the National Legislative Assembly.
He believes the assembly will finish its consideration in about three months. Afterwards it will be published in the Royal Gazette and enforced in three following months.
The rate of the tax is set at 10 per cent of the portion of each inheritance that exceeds Bt50 million.
The Revenue Department will amend the Revenue Code so that the acceptance of assets from living givers will also be subject to the same tax rate of the planned inheritance tax.
If an inheritor is unable to afford the tax at once, he will be allowed to pay in installments in 2-3 years. Assets subject to the inheritance tax are property, savings, shares and bonds.
Other kinds of assets such as gems and gold are not included.
