Thai inheritance tax law likely to take effect mid-year

[webfact]

Inheritance tax law likely to take effect mid-year



BANGKOK, 7 January 2015 (NNT) -The First vice president of the National Legislative Assembly (NLA) has reaffirmed that the integrity of each law passed by the assembly in 2014 has been maintained, while expecting the much debated inheritance tax law to come into force in the middle of this year.

According to NLA first vice president Surachai Liengboonlertchai, during the past five months, the NLA has deliberated a total of 72 draft bills. These bills can be divided into 3 categories – social laws, economic laws, and laws on the administration of state affairs – adding that some of the bills have drawn great public attention, such as the inheritance tax law, which will go into the NLA’s second and third readings no later than February. If passed, the inheritance tax law could take effect as early as the middle of this year.

He also gave a strong assurance that the legislative body had passed the laws based on the integrity and merits of the laws themselves and that the legislation was people-centered, which would benefit the country and its citizens.

He said those in charge of enforcing the laws must always adhere strictly to the rules and regulations in order for the laws to be effective, said the first Vice President.


-- NNT 2015-01-07

[JOC]

"which will go into the NLA’s second and third readings no later than February. If passed, the inheritance tax law could take effect as early as the middle of this year." Quote

"If passed............."

With no opposition allowed, who are they kidding?

[Pib]

The NLA are just Yes men for the Cabinet.

[rubl]

Passed into law, probably, but now for the bit like 'and being enforced'

[tx22cb]

The NLA are just Yes men for the Cabinet.

To be precise, 70% of the NLA are embedded Agents of a small subset of the "Cabinet".

[rickirs]

Thailand either needs to revamp its entire taxation system to better redistribute income or implement new forms of taxation such as the inheritance tax. The Yingluck administration tried to get the tax passed but it stalled in the House. The NLA should have passed the tax before January 2015; it's not complicated but its cost to those affected may have delayed passage. It's taken three readings now, unheard of with prior bills.

There was also to be an associated gift tax that would catch people attempting to transfer their assets to avoid the inheritance tax later but no mention of it in the NLA. Given the low inheritance tax rate, exemptions, lack of a gift tax, and lack of enforcement procedures, the inheritance tax won't generate any substantial revenues in 2015 if passed by mid-year. NLA might as well target its effective date as 2016.

[rubl]

Thailand either needs to revamp its entire taxation system to better redistribute income or implement new forms of taxation such as the inheritance tax. The Yingluck administration tried to get the tax passed but it stalled in the House. The NLA should have passed the tax before January 2015; it's not complicated but its cost to those affected may have delayed passage. It's taken three readings now, unheard of with prior bills.

There was also to be an associated gift tax that would catch people attempting to transfer their assets to avoid the inheritance tax later but no mention of it in the NLA. Given the low inheritance tax rate, exemptions, lack of a gift tax, and lack of enforcement procedures, the inheritance tax won't generate any substantial revenues in 2015 if passed by mid-year. NLA might as well target its effective date as 2016.

The Surayut government tried to get an inheritance and land tax into law but stopped it's efforts as it was made clear to them that such important issues should be left to elected governments.

I never heard the Yingluck government even tried. If they could push through a blanket amnesty bill surely an inheritance and land tax bill should be no problem.

[surangw]

good reason a lot of dealing in cash only.

[Thai at Heart]

I guess an awful lot of elderly rich mums and dads will start looking over their shoulders.

[chainarong]

This is a good enough reason the spend the kids inheritance , especially if you have Thai children.

[maidee]

as we farang will never get one cent from a thai in a inheritance, nothing to do with us

if some of you have super rich thai / chinese hiso wife ... hope she shares her 50+ million that will be taxed

loooooooooooooooooooool