Inheritance tax bill may be delayed

Inheritance tax bill may be delayed

Unlike the property tax, the inheritance tax may not be enforced this year since more time is needed to weigh its advantages and disadvantages, according to Finance Minister Sommai Phasee.

There is strong opposition to the bill and all opinions have to be taken into consideration before it is passed, he said.

"If the law is not good enough, people will evade the tax. Rich people with large estates are good at doing so," he said.

"The NCPO [National Council for Peace and Order] has finished drafting it and I don't oppose it. But I believe we need more time and careful consideration. I'm concerned about people who may be forced to sell his house and land he has inherited just to pay the tax," Mr Sommai said on Monday.

Due to the time needed and a lot of detail involved, Mr Sommai said he could not confirm the inheritance tax would take effect this year as planned by Prime Minister Prayuth Chan-ocha.

In his view, the property tax will be more effective in bringing in new revenue for local development.

The property tax draft is being vetted by the Fiscal Policy Office and will be submitted to Mr Sommai soon according to Matichon Online.

The tax will be based on the prices of land plots appraised by the Treasury Department.

The department will appraise the prices of all plots and condominium units and submit the lists to the local administrative organisations where they are located. The prices will be announced every year.

Property tax revenue will be used by local administrative organisations (municipalities, tambon administration organisations, Bangkok and Pattaya, but not provincial administrative organisations).

In the previous draft, 2% of the tax revenue will also be given to the Land Bank Administration Institute, a public organisation set up in 2011 under the supervision of the prime minister.

The institute will then establish the Land Bank to buy land for landless farmers.

It remains uncertain whether the current version of the property tax bill requires the 2% contribution to the bank.

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