The draft bill of Thailand’s first inheritance tax was approved by the Cabinet on Tuesday, November 18, reports The Nation.
If passed into law, the bill would impose a 10 percent tax rate on inheritances of a deceased person worth more than 50 million baht.
The draft bill also includes a 5 percent gift tax on assets above 10 million baht that are transferred to heirs before the principal’s death, and is imposable if the principal dies within two years of the transfer.
According to The Nation, assets include houses, land, cars, bonds, deposits and other securities. Both Thai and foreign individuals will be liable under the law, if passed.
The Thai attorneys at Chaninat and Leeds are experts on Thai inheritance law with decades of experience assisting clients recover assets.
The draft bill will now be reviewed by the National Legislative Assembly, and it is reportedly expected to take effect in June 2015, according to The Nation.
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