Government officials reviewing a proposed inheritance tax for Thailand announced that properties willed to a spouse will be exempt from any inheritance taxes, reports the Bangkok Post.
Currently under Thailand inheritance law, there is no inheritance tax, making Thailand one of the few countries in the world to not impose tax on a deceased’s estate. Recently though, the National Council for Peace and Order drafted an inheritance tax bill, which officials are reviewing.
The proposed inheritance tax would be applied at the rate of 10% only to assets worth more than 50 million baht. Deputy Prime Minister Pridiyathorn Devakula said, according to the Bangkok Post, that the government is reviewing the bill to ensure fairness and prevent double taxation.
The waiving provisions of the inheritance tax will be announced before the draft bill is sent to parliament, reports the Bangkok Post.
Read the full story here:
{ 2 comments… read them below or add one }
I think waiving off the inheritance tax is a good move for the family members of the deceased. Can you imagine having to fork out additional money for something that your loved one left you? The inherited property should ease a little off the burden of the family members who are still living. If the inheritance tax is still put in place, then they would have to put up the house for sale if they cannot afford to pay for the taxes which would burden them more instead.
What if the inheritance goes to a non-tax payer (but Thai)? Even without the revision to the current tax law, what are the tax implications to the gift receiver?
{ 2 trackbacks }