Transcript of the above video:

As the title of this video suggests, we are discussing the Thai Inheritance Tax Act. For those who are unaware, this Act in Thailand can pertain obviously as the title suggests, to matters involving inheritance, so like Wills and Estates, what we call probate in the Common Law tradition, what is called succession in the Thai Legal tradition. I thought of making this video after reading a recent article from the Bangkok Post, that is bangkokpost.com, the article is titled: Clarifying departure levy scuttlebutt.

Now to provide some context, we did a video on this about a week or so ago discussing the fact that they were talking about a possible exit tax or departure tax from Thailand and then it came out that they were saying No that is not really what's going on, we have this kind of mandatory requirement that we undertake, what in sort of the federal statutory system would be referred to as a comment period regarding like rule making; there's a comment period on rule making. This isn't even quite to that level, this is more like taking a survey on a law that already existed, that was what was going on with the discussion on the so-called departure tax but it was interesting. Again, the article is titled: Clarifying departure levy scuttlebutt, quoting directly: "In the event there is a legal hearing on the matter, the Revenue Department said a public hearing is in line with the law governing law development and the evaluation of issued laws, passed in 2019." Quoting further: "Next year the Department plans to hold public hearings on the Petroleum Income Tax Act and the Inheritance Tax Act." 

So again, probably moving forward it looks to me like at least procedurally we are looking at a situation where Thai Officials are going to basically scrutinize laws already on the books and determine, to what end remains to be seen, but presumably to determine whether or not they are effective; whether or not revision is necessary; whether or not it is a good idea to continue implementation that large; should the law be changed. I mean I think it's being done to basically just sort of take stock of whether or not that law is doing what it's supposed to be doing effectively. 

So interesting. This could have ramifications in terms of law pertaining to again Wills and Estates, what we call probate, called succession here in Thailand. Again, this could have an impact. It remains to be seen, we will certainly keep you updated on this channel as the situation evolves.