in the Royal Gazette and will take
effect in Jnauary.
For inherited assets,the tax is charged on
beneficiaries.
The rate are 5% of the amount above 100 million baht
For descendants,and 10%the same base for others.
For gifts of which tax is currently zero ,the rate is 5%
of the portion above 20 million baht when the
beneficiaries are descendants.
For non-descendent beneficiaries,the same rate applies but
is calculated from the portion above 10 million baht.
The beneficiaries will have declare the assets with 150
days
after they have received them.
Five typed of assets are taxed :
1.houses and land.
2.bank deposits.
3.share and debentures
4.automotives
5.and other assets as defined by royal decrees to be
issue later
All taxable assets will be valuated collectively even
though
they may not received at the same time.
To minimize discretion,the Lands Department’s appraised
prices are used in the case of Land.
For equities ,the prices to be used are those on the
date the
beneficiaries received them.
A deputy spokesperson of Prime Minister’s office,Maj Gen
Sansern Kaewkamnerd,said on Saturday the passage of the
laws was a crucial step forward for the country.”The give
billionaires incentives to donate more to charities and
public causes and to accumulate fewer assets for the children”.
“At the same time ,they encourage their descendants to
prove
their potential rather than wait to inherit wealth from
their
parents”.
“We believe the laws will help reduce the income gap and
bolster
state revenue”,he said.
Up until this week,the two taxes were the most difficult
to
ram through Parliament for all governments due to vested
interests of the elite in high positions.
Even the vesions that became laws now were considerably
watered down from the ones proposed by Finance Minister
Sommai Phasee,which set the tax-free threshold at 50 million
baht for the inheritance tax.
He had said the tax would amout to nothing if the threshold
was any higher.
Supporters of a higher threshold argued it might cause
many
people who lacked cash but were rich in land,like farmers,
to lose their properties since they had no money to pay
the tax.
They also claimed the threshold could be adjusted later
to suit a changing situation in the future and the law
served as a good start.
News ,Bangkok Post ,8 August 2015.
In my opinion,I hope the inheritance gift taxes laws can
incentive the billionaires to donate more to the charities
and the public gor they must trade off between
caaumulated
assets and the taxes pay off.
For the descendants to prove their potential rather than wait
to inherit wealth from their parents is a wish too.
For argument that it might cause people who own land,
like farmers ,but lacked cash might lose their
properties
because they had no money to pay tax.
In this point I thinkevery owner of land must adjust themselves
to accept the laws, and every things will be okay along
the way.
The revenue that the inheritance tax can provide to the
state depend on the process set and the control
procedure.
I hope the law can least the discrimination among the
rich
and the poor in the society as much as possible.
Sincerely Yours.
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