THAILAND: Government weaken rules regarding inheritance tax

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The Thai government’s new application regarding inheritance tax, is already much weaker than its first proposal, has been thinned out even more by the National Legislative Assembly. Now plans are in place to only apply to estates valued more than THB100 million (USD $3 million) rather than the original THB50 million, which would have been much more encompassing and therefore deliver greater change in the long run. Also, the initially proposed 10% tax rate has been halved to 5% for families of deceased’s children. Punishments for failure to comply have been made far less strict, and suggestions for a wealth tax on property have fallen through entirely.