1) The document discusses Thailand's proposed inheritance tax law which is expected to pass in March 2015 and take effect in June-July 2015. The law would impose a 10% tax on inheritances over 50 million baht, and higher taxes for non-descendants. 2) Offshore property would be taxed where located, and money brought back to Thailand after liquidation could also be taxed. Collection of the tax faces challenges due to lack of data on taxpayer's property and issues with executors. 3) The presentation provides advice on estate planning under the new law, such as investing offshore or in holding companies to reduce taxes upon inheritance.

1. Dr. Suvarn Valaisthien
Chairman, Saver Club
(www.saverclub.org)
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Net Impact Bangkok Professional Chapter Luncheon Meeting
18 December 2014
Estate Planning
18 December 2014

2. Inheritance Tax Law (1)
1) National Legislative Assembly is
deliberating the bill
2) Expected passage - March 2015
3) Enforcement in 90 days
June – July 2015
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3. Inheritance Tax Law (2)
4) Tax Rate 10%
4.1 10% on amount exceeding
Baht 50 million
4.2 5 - 35% for non-descendant
4.3 no tax between husband and wife
4.4 gift during lifetime is taxed at 5% on
amount in excess of Baht 10 million
per year
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4. Inheritance Tax Law (3)
5) Tax collected on registered property
such as land, building, condominium,
vehicles, securities, bonds and mutual
funds
6) Property with no registration such as
watches, antiques are not taxable
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5. Sunflowers (1888)van gogh paintings - van gogh art
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6. Maternity Artist Interpretation - Pablo Picasso Painting
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Early Period Abstract
18 December 2014

7. Offshore Property
1) Offshore Property to pay tax where it
is located.
2) After liquidation, money brought back
could be taxed
3) Government policy
1. No collection target set
2. Inheritance tax is not a revenue source
3. Objective is re-distribution of wealth
4. High collection cost expected
5. It is a new kind of tax for both collector
and payer
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8. Issues relating to collection
1) Government lack data on the property
of tax payer.
2) Problem with executor.
3) Gift tax is difficult to impose.
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9. Inheritance Tax
1) As of 18 December 2014 - No inheritance tax.
2) Transfer of immovables subject to transfer fee.
3) Many countries already canceled inheritance tax.
4) Capital flight.
5) No incentive to promote savings.
6) Heirs may have to dispose off asset to pay tax.
- Government gives two years deferment with no
interest charge.
8) People live longer and the state has to wait.
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10. What to Give?
1) Teach your kids to be good citizen, work hard,
waste no money.
2) Invest prudently, profit is No. 2, risk is No. 1.
3) Be kind to people and the underprivileged.
4) Send them to top school.
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11. The Wall Street Journal
Tuesday, September 23, 2014
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12. Estate Planning
1) Own less immovables, invest in intellectual
property.
2) Consider property fund that yields 7-10%.
3) Set up holding company, an entity never
die.
4) Keep some gold, no registration required,
no tax.
5) Invest offshore.
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13. 12
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14. Offshore Assets
1) 0% Tax Territories
2) Filing and Disclosure
3) Holding company and Trustee
4) Power of Attorney
5) Confidentiality
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15. Estate Planning
1) When to Give
2) To Whom
3) How Much
4) Transaction Costs
5) Control
6) Documentation
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