Post by mangomoney on Feb 1, 2016 12:14:21 GMT 7
Rich transfer assets to beat tax
Shares worth B80bn switched to relatives
Published: 1/02/2016 at 08:10 AM
Newspaper section: Business
Shares worth nearly 80 billion baht have been transferred by affluent Thais to their heirs before the introduction of inheritance and gift taxes today.
Executives and major shareholders of more than 160 listed companies transferred their shares to children, spouses, parents, siblings, cousins and holding companies from July 2014 to last Friday, according to a Securities and Exchange Commission (SEC) reports on changes of executives' securities holdings.
The Finance Ministry's serious effort to push the inheritance and gift taxes -- a levy on assets passed by donors when they are still alive -- was apparently anticipated since July 2014 and triggered a wave of wealth transfers.
Under the law, inheritors of a legacy will be taxed 10% of the amount exceeding 100 million baht, though the tax rate will be halved to 5% if beneficiaries are donors' direct ascendants or descendants.
If the person who created the will is still alive when a bequest worth over 20 million baht a year is made to heirs who have a direct blood relationship, recipients will be liable to 5% tax for the amount exceeding 20 million.
more...
www.bangkokpost.com/business/news/846708/rich-transfer-assets-to-beat-tax
Shares worth B80bn switched to relatives
Published: 1/02/2016 at 08:10 AM
Newspaper section: Business
Shares worth nearly 80 billion baht have been transferred by affluent Thais to their heirs before the introduction of inheritance and gift taxes today.
Executives and major shareholders of more than 160 listed companies transferred their shares to children, spouses, parents, siblings, cousins and holding companies from July 2014 to last Friday, according to a Securities and Exchange Commission (SEC) reports on changes of executives' securities holdings.
The Finance Ministry's serious effort to push the inheritance and gift taxes -- a levy on assets passed by donors when they are still alive -- was apparently anticipated since July 2014 and triggered a wave of wealth transfers.
Under the law, inheritors of a legacy will be taxed 10% of the amount exceeding 100 million baht, though the tax rate will be halved to 5% if beneficiaries are donors' direct ascendants or descendants.
If the person who created the will is still alive when a bequest worth over 20 million baht a year is made to heirs who have a direct blood relationship, recipients will be liable to 5% tax for the amount exceeding 20 million.
more...
www.bangkokpost.com/business/news/846708/rich-transfer-assets-to-beat-tax
