Thailand passes first inheritance tax to raise revenue in lacklustre economy

BANGKOK:  Thailand's military government has passed the country's first inheritance tax bill, as part of tax reforms to broaden the tax base and boost revenue in a lacklustre economy.

The bill, approved by the National Legislative Assembly late on Friday, will require inheritors of assets worth more than 100 million baht ($3 million) to pay tax above that threshold - at 5 percent for descendants and 10 percent for others.