Taxes
Thailand — Tax: Wealth Tax
The Revenue Department's English tax overview describes personal and corporate income tax, VAT and special business tax and does not describe a net-wealth tax. Thailand does levy an inheritance tax under the Inheritance Tax Act 2015: where a person receives more than THB 100 million from a deceased person, tax is due on the excess at 10%, or 5% if the recipient is an ascendant or descendant. Under the personal income tax rules, gifts from ascendants, descendants or spouses are exempt up to THB 20 million in a tax year, and gifts from other persons on customary occasions are exempt up to THB 10 million in a tax year. The Thai text of the law governs.
Why this matters
Foreign residents with significant assets should understand that Thailand's tax burden on holding wealth is comparatively light versus many Western countries — there is no annual net-worth tax — but inheritance and property-holding taxes still apply and matter for estate planning.
Key facts
- The Revenue Department's English tax overview does not describe a net-wealth tax.
- Inheritance tax: 10% on the amount over THB 100 million received from each deceased person; 5% if the recipient is an ascendant or descendant (Inheritance Tax Act 2015).
- Gifts from ascendants, descendants or spouses are exempt from personal income tax up to THB 20 million in a tax year; gifts from other persons on customary occasions up to THB 10 million in a tax year.
Costs
- Inheritance tax (ascendants/descendants): 5% of the amount over THB 100 million
- Inheritance tax (others): 10% of the amount over THB 100 million
Common mistakes
- Assuming no tax at death — Thailand taxes inheritances above THB 100 million per deceased person.