Large gifts could trigger new tax | Bangkok Post: business

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Large gifts could trigger new tax

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Assets to be inherited from donors while they are still alive are likely to be subject to a gift tax as part of the Finance Ministry's inheritance tax proposals, according to a ministry source. 

However, it remains unclear whether it would be the benefactor or the beneficiary who would be taxed if the proposal, which is pending review by the Council of State, goes through, the source said.

The value of assets and the tax rate for the gift tax could possibly be levied at the same amount and rate as inheritance tax. The source said the Revenue Department would impose a 10% inheritance tax on heirs receiving assets worth at least 50 million baht.

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