As of their second reading on February 9, Thailand’s National Legislative Assembly still has not made a ruling on the draft inheritance tax bill, reports the Bangkok Post.
The Finance Ministry first proposed the bill with a tax rate at 10 percent on estates over 50 million baht. Thailand’s Cabinet approved the bill in November 2014, advancing it to consideration by the NLA.
Now, the NLA has sent the bill back to the Finance Ministry for reconsideration, with suggestions that the ceiling be raised to 80 million baht and the tax rate be dropped to 8 percent, as reported by the Bangkok Post.
The Thailand Family Attorneys at Chaninat and Leeds are experts on Thailand inheritance laws and have been assisting families in Thailand since 1997.
Finance Minister Sommai Phasee confirmed to the Bangkok Post that there has been no forward progress on the bill.
Minister Phasee also said that if the interest rate is reduced the law should be scrapped altogether.
“The proposed rate of 10% for assets in excess of 50 million baht is already very low and almost amounts to nothing for state coffers,” said Minister Phasee.
Read the full story here.
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