Connect with us

Thailand

NCPO approves inheritance tax

Legacy Phuket Gazette

Published

 on 

NCPO approves inheritance tax | Thaiger

PHUKET MEDIA WATCH

– Thailand news selected by Gazette editors for Phuket’s international community

Inheritance tax gets NCPO nod
The Nation / Phuket Gazette

PHUKET: For the first time in the Kingdom’s modern history, Thais who are bequeathed fortunes by their wealthy relatives would have to start paying an inheritance tax under a Finance Ministry proposal that has already been blessed by the ruling National Council of Peace and Order.

The ministry also has floated two taxes on real estate and beverages. Permanent secretary Rungson

image

Sriworasat said the ministry had briefed the NCPO about the inheritance tax plan last month. The junta has agreed with this initiative and will send it to the Council of State for legal review. When the NCPO finalises the draft tax bill, the Finance Ministry will table it before the National Legislative Assembly when it comes into existence this year. The inheritance and real-estate tax ideas are not new. The Finance Ministry has bounced them off all governments over the past 10 years because both taxes will ensure fairness for all taxpayers, he said.

However, all of the governments, which came from elections, could not pass this act because it would have burdened some people who are landowners and estate recipients.

The inheritance tax would be levied on all domestic assets passed down to descendants such as residences, land, cars, stocks and bonds. But it would not be collected from assets overseas. The ministry declined to disclose details such as progressive tax rates.

Thailand would become the third country in Asean to adopt an inheritance tax, behind Singapore and the Philippines, and join other Asian countries – India, Japan, South Korea, China and Taiwan.

The real-estate tax would be assessed on land and improvements at a rate ranging from 0.05-2 per cent.

This means vacant land appraised at Bt10 million would incur a tax bill of Bt5,000 at the tax rate of 0.05 per cent for the first year. As the idle land is held longer, the liability would rise to Bt200,000 a year at a rate of 2 per cent.

The owners of residences appraised at Bt1,000,001 would pay a real estate tax of Bt1,000.001 a year. For every Bt1 million in appraised value, the real-estate tax would amount to Bt1,000 a year.

Atip Bichanond, director of major residential developer Supalai, said this will impact owners of more undeveloped land, not property developers.

However, the Business Housing Association has proposed to the Revenue Department an exemption for residences appraised at not over Bt1 million or occupying not more than 50 square wah of land.

“I do not know if the new act has any exemption. If not, that will not be fair to lower-income families,” said Atip, who is also president of the association.

The new excise tax on beverages is proposed to be imposed according to sugar content, to expand the country’s tax base.

— Phuket Gazette Editors

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forum
🔔 Subscribe to our daily newsletter
📺 Subscribe / Join for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Thailand7 hours ago

17 people in close contact with Omicron-infected traveller test negative

Thailand8 hours ago

Thailand News Today | Omicron under control, Illegal border crossing, Thailand’s recovery | Dec 7

Thailand8 hours ago

Crane collapses in Samut Prakan, killing a man and injuring 2 others

advertiseadvertise
Crime8 hours ago

Chiang Mai street vendor with busty top files sexual harassment complaint with police

Thailand9 hours ago

Three arrested in human trafficking crackdown near Myanmar border

Thailand9 hours ago

Hua Hin luxury resort guest claims “peeping Toms” stared at him naked

image
Join the conversation on the Thaiger Talk forums today!
Thailand10 hours ago

168 Thai soldiers apparently forced to finish masturbating before showering

Coronavirus (Covid-19)11 hours ago

Hotel staff in close contact with Omicron confirmed to be negative in second test

Video11 hours ago

Grammar mistakes, Homemade coffee, Bhutan | Thaiger Bites | Ep.76

Southeast Asia11 hours ago

Myanmar ousted leader’s prison sentence reduced to two years

Chon Buri12 hours ago

Tourists stranded an island off the coast of Sattahip rescued by Royal Thai Navy

Thailand12 hours ago

Thailand deploys “King Cobra” unit at Myanmar border to monitor illegal crossings

Phuket14 hours ago

Thai Airways offering round trip Sydney-Phuket flights

Chiang Mai14 hours ago

1 tourist killed, 8 wounded in crash while on tour of Chiang Mai mountain

Coronavirus (Covid-19)15 hours ago

Hotel staff in close contact to Omicron case tests positive for Covid, variant not confirmed

Thailand3 months ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand9 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism9 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket9 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism10 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand10 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism10 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand11 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand11 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand11 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand11 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand11 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand11 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand11 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand11 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending