Counting down for Inheritance Tax Act
From 1st February 2016 onward, the Inheritance Tax Act 2558 (2015) will become effective after it was announced in the Royal Thai Gazette on 5th August 2016.
The value of the inheritance that will be subjected for this Act must exceed 100 million Thai Baht, regardless the inherited person receives inheritance one time or several times. This only applies to the exceeded value of 100 million Thai Baht. The inheritance includes land, property, deposit, vehicle etc.
The persons who are liable to pay the inheritance tax shall be:
- a person of Thai Nationality
- a person of non-Thai Nationality but resides in the Kingdom of Thailand
- a person of non-Thai Nationality who receives inheritance which is situated in Thailand
On the other hand, there are exceptions, i.e.
- The de cujus passes away before the effectiveness of the Act.
- The inherited person is the spouse of the de cujus
- The inherited person intended to use the inheritance for religious, educational or public benefit.
- Government authorities or international organizations which intended to use the inheritance for religious, educational or public benefit.
If you would like further details or more information on the Inheritance Tax Act, please contact us at Lex_biz@truemail.co.th or firstname.lastname@example.org
Arranged by: Interlex Law Office