Gift Tax

A new regulation on gift tax, as part of personal income tax, was announced on 5 August 2015. The regulation will be effective from 1 February 2016 onwards.

Keywords: Mazars, Thailand, Tax, Immovable Property, Gift Tax

02 October 2015

The following items will be assessable for personal income tax purposes:

1) Immovable property or rights of occupation of immovable property (except for immovable property or rights of occupation of immovable property, given to a legitimate son or daughter (but not including an adopted child) without compensation, the value of which does not exceed 20 million baht in that calendar year);

2) Gifts (such as cash, shares, and other property), except for the following:

a) gifts received from a surviving older relative (only parents and grandparents, not including aunts, uncles, or cousins), a descendant, or spouse, the value of which does not exceed 20 million baht in that calendar year;

b) gifts received under moral obligation or gifts received in a ceremony or on occasions in accordance with established custom from a person who is not a surviving older relative, descendant, or spouse, the value of which does not exceed 10 million baht in that calendar year; and

c) income received intended for religious, educational, and public expenditure.

  • A taxpayer can choose to pay tax of 5% of the taxable portion, and then not have to include the taxable portion in the calculation of net taxable income for the year-end.

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