Inheritance tax
A legacy received by an individual or a corporate entity, regardless of nationality, from a testator who has died is exempt from PIT under the Revenue Code but is subject to inheritance tax. Heirs are subject to the inheritance tax only on the value of a legacy that exceeds THB 100 million obtained from each testator together either once or on several occasions.
The inheritance tax rate is 10%, except in the case of heirs who are ascendants or descendants of the testator, where the rate is 5%. Legacies received by the spouse of a testator are exempt from the tax.
Property subject to the inheritance tax comprises immovable property, securities according to the law, bank deposit accounts or other money of a similar nature that the testators have the right to call back or claim from financial institutions or persons who hold such money, registered vehicles, and financial assets to be prescribed in royal decrees.
