Looking for a law firm to help with the concept of gift tax? Having trouble deciding what is considered as a gift? We at Sunbelt Asia Legal Advisors can help you with classification. A few years back regular income was liable to taxation, gifts were not. But from 1st February 2016, a new regulation became effective. According to this regulation, the tax was imposed on the gifts as well.
Gift tax can be defined as the tax on the transfer of property. During this transfer, the individual in exchange might receive less value or nothing at all. The tax is applicable if the contributor wants this transfer to be a gift. Any kind of property that is transferred as a gift is liable for gift tax.
Are you wondering what is considered as a gift? Most people are not aware of the conditions that make it a gift. Any property or money given to another person without expecting something in return, it a gift. If you sell something at less price or interest-free loan, these are also classified as a gift.
Following are the factors to consider that classifies as a gift on which tax is applicable:
The Gift Tax rate for the non-related receivers is 10% while it is 5% for descendants or ascendants. For those who are eligible to pay 10% gift tax are offered an opportunity to pay 5% gift tax rate. This is under certain circumstances only. They pay 5% of the gift tax and exclude the amount from the taxable income at the end of the fiscal year. The gift tax will be enforced on the same day as Inheritance tax.
The Gift tax is imposed on individuals and juristic person. Along with it is levied on the non-Thai citizens that are resident of Thailand. The non-Thai citizens must be accepted as a resident according to the Thailand Immigration law.
We at Sunbelt Asia Legal Advisors offer an extensive range of services related to legal and tax planning. Tax planning is a complex and challenging task that requires the assistance of experts. We have been working in the legal for 15 years. Our experts are experienced and have wide knowledge about the laws and practices both new and old. We help you through the process of gift tax and try to make it easy and simple for you.
For more information regarding Gift Tax contact us at 02-642- 0214.
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