New Inheritance Tax May Hit Foreigners

While Thailand looks to usher in a new property tax regime next year, subject to cabinet approval, foreign residents are anxiously watching the upcoming inheritance tax regime.
Still in the draft stages, the bill includes foreigners who are domiciled in the country for three years.
There is a waiver though for the surviving spouse after a husband or wife passes away, but children would not be exempt.
As it stands the tax would stand at 10% for amounts over THB50 million.Though the tax code in the opinion of most needs revision, expatriates have expressed concerns over the revisions coming in the FBA (Foreign Business Act) and now the inheritance issue has surfaced.