BANGKOK, 29 October 2014 – Minister of Finance Sommai Phasi will submit the law of succession to the Cabinet early next month before it is reviewed by the National Legislative Assembly.
The minister on Wednesday said the ministry was now discussing the succession legislation draft with the Council of the State and Deputy Prime Minister Wisanu Khruea-ngam. After they finished reviewing the draft, it would be proposed to the Cabinet for consideration, said Mr. Sommai.
It might take 3-4 months for the NLA to review the draft. The law would not take immediate effect after it was published in the Royal Gazette since the law executors needed around three months to prepare, said the minister.
After the law of succession, the minister will work on the property act draft. Mr. Sommai added that the ministry would decide late this year whether to increase the value added tax (VAT).