Inheritance tax law passed

Spitfire · Post by **Spitfire** » Fri May 22, 2015 11:22 pm

Inheritance tax set at 100 million baht and then pay 5%
Talk about making a noise about it then merely and meakly watering-it-down because so many of the powerful complained. 100 million baht before you get taxed a pathetic 5% means almost no-one will be taxed and anyone with over that amount will have lawyers, political leverage and teams of clever people who will know how to avoid it......lol, crazy. Facepalm.

Let's just bring this into persective. In the UK, inheritance tax starts at about 325k UK pounds on an estate and it's 40% after that...so that's a limit of 16.25 million baht.

Why even bother making the law in the first place? How many will it affect that you can actually enforce it upon?

http://www.bangkokpost.com/news/general ... law-passed

Post by **JamesWest** » Sat May 23, 2015 1:09 am

why laugh?
sounds great. there should no Inheritance tax at all for anyone. ever.

Post by **Takiap** » Sat May 23, 2015 7:48 am

I've never inherited anything and I seriously doubt I ever will, but I agree 100% with JamesWest that there should not be any inheritance tax at all. For the most part, inherited money has already been taxed. Why should a person be forced to pay tax their whole life, and then if they choose to give their savings away to a loved one, they essentially have to pay tax again, or at least the reciprient does.

Personally I think it is disgusting that the UK take nearly half of any money you inherit. It's nothing short of State approved and enforced theft.

Post by **Dannie Boy** » Sat May 23, 2015 8:15 am

Takiap wrote:I've never inherited anything and I seriously doubt I ever will, but I agree 100% with JamesWest that there should not be any inheritance tax at all. For the most part, inherited money has already been taxed. Why should a person be forced to pay tax their whole life, and then if they choose to give their savings away to a loved one, they essentially have to pay tax again, or at least the reciprient does.

Personally I think it is disgusting that the UK take nearly half of any money you inherit. It's nothing short of State approved and enforced theft.

Whilst I agree totally, at the end of the day it's simply a way of raising money, so if they reduced/dropped IHT then they'd have to increase income tax or vat to compensate.

Post by **Takiap** » Sat May 23, 2015 8:31 am

Alternatively, they could start spending less.

Post by **Dannie Boy** » Sat May 23, 2015 2:59 pm

I thought they were already doing that - cutting services left right and centre?

Post by **Henry 14th** » Sat May 23, 2015 4:09 pm

JamesWest wrote:why laugh?
sounds great. there should no Inheritance tax at all for anyone. ever.

The economist that may say that inheritance tax should be maintained if only to encourage a balance through the redistribution of wealth yet more importantly so that beneficiaries maintain a proactive drive to succeed.

Without inheritance tax beneficiaries would work less and would not have the incentive to develop their own companies.

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Spitfire · Post by **Spitfire** » Sat May 23, 2015 8:17 pm

JamesWest wrote:why laugh?
sounds great. there should no Inheritance tax at all for anyone. ever.

Because, what a waste of time even proposing it in the first place when the final solution is presented it affects almost no-one. I'm sure the Thai Parliament can spend it's time debating and approving more relevant issues than this as it has no bearing on anyone really in it's final form.

If they had given the matter the proper attention then they should have come up with something of substance or just dismissed it entirely. I just laughed at the 'watered down' limp excuse for a solution they came up with after the good intentions they spouted-off about it to start with. Just a comical end to an ill-thought out bit of legislation that they had to back-off from because so many elite types must have screamed hell about it.

I mentioned and past no judgement and said nothing else about the virtues of whether inheritance tax is OK or not in general. I think the UK is a nazi about it and way overboard......granted.

Just laughing in an observational way as to how the events and the idea have transpired here from good intentions initially to back-peddling swiftish once the screaming starts and tiaras are thrown out of the pram....and the solution is lame central that affects almost no-one.

Post by **dundrillin** » Sun May 24, 2015 1:05 pm

Tax In its various forms usually starts low then moves relentlessly upwards.

Post by **Takiap** » Mon May 25, 2015 6:12 am

dundrillin wrote:Tax In its various forms usually starts low then moves relentlessly upwards.

Yes you're right, but increasing inheritance tax in Thailand will only affect a very small number of people, and my guess is most, if not all of them, are well enough connected to ensure such tax increases never happen.

Spitfire · Post by **Spitfire** » Mon May 25, 2015 11:05 am

......and my guess is most, if not all of them, are well enough connected to ensure such tax increases never happen.

Indeed. And regarding tax in general (excluding VAT) then most Thais are too poor.....or too rich, to pay it. They need to expand the middle classes as they everywhere pretty much pay for everything, along with drinkers and smokers.

Thing is, the bigger the middle classes get, the more they want a say in things and demand change..which, needless to say, isn't what the top 2-5% want at all and they seem to have got their way with things on this thread subject.

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