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Inheritance tax of 10% on estates over Bt50m approved

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Inheritance tax of 10% on estates over Bt50m approved | Thaiger

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Inheritance tax of 10% on estates over Bt50m approved
The Nation / Phuket Gazette

PHUKET: The Cabinet yesterday gave the nod to a draft bill for the country’s first-ever inheritance tax.

“The tax will be a form of income distribution,” Prime Minister Prayut Chan-o-cha said after the Cabinet meeting.

The tax rate will be 10 per cent, as expected, and only assessed on estates worth more than Bt50 million.

Prasong Poontaneat, director general of the Excise Department, said 16 draft organic laws supporting the Inheritance Tax Act would also be tabled with the National Legislative Assembly.

There might be 10,000 people liable for the inheritance tax.

Those liable under the law include Thai individuals and juristic people, foreign individuals and juristic people domiciled in Thailand for at least three years, plus foreign individuals and juristic people bequeathed assets located in Thailand. The draft bill will be sent to the NLA for deliberation this month and should take effect in the third quarter of next year.

It would become law in about six months, or at the end of March, after publication in the Royal Gazette, but there would be a three-month grace period before enforcement begins.

Gift tax on assets above Bt10m

Under the bill, a gift tax of 5 per cent would be levied on assets that are valued above Bt10 million transferred to heirs before the principal’s death.

The assets, which must be registered, include houses, land, cars, bonds, deposits and other securities.

Recipients of such assets who are not heirs would include them in their personal income tax return.

To be efficient, Thailand might apply the gift tax as well as a deduction in line with the inheritance tax like in the UK, Japan and South Korea, according to a recent study conducted by Kasikorn Research Centre.

Normally, income tax imposed on inheritance is unlike other taxes, as sums collected are often less than 0.5 per cent of gross domestic product.

KResearch suggested that the government prepare a database linking state agencies that it could examine to ensure the taxes are collected efficiently.

About 70 per cent of people surveyed last week by the National Institute of Development Administration supported the Finance Ministry’s plan to collect inheritance tax at the 10-per-cent rate on an amount higher than Bt50 million.

It found that 9 per cent of the 1,249 respondents saw the rate as too high while 6 per cent saw it too low and 13 per cent were opposed to the inheritance tax.

— Phuket Gazette Editors

 

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Thailand

Thailand News Today | Promise to vaccinate expats, Thailand “electric vehicle hub” | May 6

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Thailandโ€™s Food and Drug Administration has denied that the Pfizer Covid-19 vaccine is already in Thailand, The Thai government has ambitious plans to turn the Kingdom into a Southeast Asian hub for the manufacture of electric vehicles., The Thai Hotels Association is urging the government to extend the domestic travel stimulus schemes, set to end on September 30 and Thai Meteorological Department is warning of thunderstorms around the country, particularly in northern and North East Thailand, until the end of tomorrow.

 

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Economy

Thailand increases durian exports to China by 14% this year

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Thailand has exported 14% more durian to China in this year’s first quarter over the same period last year. The Trade Negotiations Department Director General says Thai durian auctions in the first quarter secured 186 million, making up 88% of the total amount of Thai durian exports to world markets.

Last year, Thailand exported US1.5 billion worth of durian to China, a 78% increase from 2019. China’s share accounted for 73% of total Thai durian exports to world markets. 18 countries have free trade agreements for fruit with Thailand. Thailand is actively exporting fresh fruit with its top buyers being Australia, Chile, China, Hong Kong, Indonesia, Malaysia, the Philippines, and Singapore. The most popular fruits are the national delicacy of durian, along with mango, mangosteen and longan.

Despite the increases in durian exports, farmers have been worried about Covid-19′s effect on the industry. Earlier in 2021 health authorities in China circulated a press release stating that imported cherries from Chile had been tested and found to have Covid-19 contamination. This statement prompted a huge drop in Chilean cherry prices. Thai growers are worried the same might happen to durian imports. As the seriousness of the Coronavirus in Thailand reaches new widespread levels, one instance of a durian container being linked to Covid-19 could spur a total ban on importing fruit from Thailand.

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SOURCE: MENAFN

 

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Bangkok

Hundreds of Thailand slums at risk of Covid-19 as many can’t afford to quarantine

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Stock photo by Miltiadis Fragkidis for Unsplash

Following the Covid-19 outbreak at the Khlong Toey slum neighbourhood in Bangkok, there have been more than 1,000 slum communities have been identified as having similar living conditions as the Khlong Toey slum, and are now communities at high risk advised to be under watch to prevent another outbreak.

The Social Development and Human Security Ministry’s Community Organisations Development Institute pinpointed 1,270 slum communities, saying that many are similar to Khlong Toey. Areas of top concern of a potential outbreak include the large community by Khlong Prem Prachakorn with more than 10,000 people as well as a community of around 5,000 to 10,000 people who live by the Yommarat Railway. Other slums of top concern include communities of more than 3,000 people in both the Ratchathewi and Wang Thong Lang districts.

Out of the slums pointed out by the institute, more than 200 residents in the 260 communities have tested positive for Covid-19, according to the institute’s deputy director Panthip Petchmak. 700 more people were ordered to quarantine due to close contact with an infected person.

But stay at home orders are a problem for many as starvation is more frightening than the virus and 90% of residents in the slum communities still need to leave for work each day to keep food on the table. The daily average income for those in the slums is around 120 to 150 baht.

The institute is now working with community-level organisations to provide food, water, and supplements to those in poor neighbourhoods in an effort to keep people at home, preventing the spread of Covid-19.

SOURCE: Nation Thailand

 

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