Gift tax in Thailand.
While regular income is generally subject to taxation, gifts are not – or at least were not until this summer when a new regulation came into place. The newly announced regulation will be effective from February 1, 2016 and will impose tax on gifts.
In order for a gift to be considered assessable for personal income text purposes, it must meet the following criteria:
- Inheritance income not exceeding 100M THB under Section 12 of the Inheritance Tax Act
- Immovable property or rights of occupation of immovable property (excluding when such property or rights are given to a legitimate son or daughter without compensation and are worth less than 20M THB)
- Gifts such as cash, shares and other property, except for:
- Gifts received from older relative, a descendant or a spouse that are worth less than 20M THB (in one calendar year)
- Gifts from a person who is not related but received in a ceremony, under moral obligations or in accordance with established customs. Their value cannot exceed 10M THB in a calendar year.
- Income intended for religious, educational, and public expenditure