NCPO proposes new taxes and tax hikes

[buksida]

For the first time in the Kingdom's modern history, Thais who are bequeathed fortunes by their wealthy relatives would have to start paying an inheritance tax under a Finance Ministry proposal that has already been blessed by the ruling National Council of Peace and Order.

The ministry also has floated two taxes on real estate and beverages.

Permanent secretary Rungson Sriworasat said the ministry had briefed the NCPO about the inheritance tax plan last month. The junta has agreed with this initiative and will send it to the Council of State for legal review.

When the NCPO finalises the draft tax bill, the Finance Ministry will table it before the National Legislative Assembly when it comes into existence this year.

The inheritance and real-estate tax ideas are not new. The Finance Ministry has bounced them off all governments over the past 10 years because both taxes will ensure fairness for all taxpayers, he said.

Full Story: The Nation

Thought: Wonder where all that additional revenue will go

[PeteC]

Here's the property tax portion from the same article:

"The real-estate tax would be assessed on land and improvements at a rate ranging from 0.05-2 per cent.

This means vacant land appraised at Bt10 million would incur a tax bill of Bt5,000 at the tax rate of 0.05 per cent for the first year. As the idle land is held longer, the liability would rise to Bt200,000 a year at a rate of 2 per cent.

The owners of residences appraised at Bt1,000,001 would pay a real estate tax of Bt1,000.001 a year. For every Bt1 million in appraised value, the real-estate tax would amount to Bt1,000 a year....."