Category: Property
PM: New Regulations on Thai Cannabis Coming, but Recriminalization Is off the Table
Paetongtarn Shinawatra, Thailand’s current prime minister, announced that the Thai government will continue supporting the legalization of marijuana and hemp for medicinal and business purposes. Most importantly, Paetongtarn has clarified that the Thai government will not turn its back on this policy as was planned by the previous government. What is the Hemp and Marijuana […]
The Major Differences Between Thai And Western Criminal Law
Nothing is more disappointing than having an unexpected event throwing a wrench into your trip to Thailand. Fortunately, with the right knowledge, you can turn the situation around and make the best out of your time in the Land of Smiles. This is why it is essential to learn the differences between Western and Thai […]
Succession and Inheritance in Thailand
What is Succession? Succession is a transfer of rights and obligations from the testator to the heirs, who can exercise their rights when the testator is deceased as defined in the Thai Civil and Commercial Code (TCCC). What is Inheritance? Inheritance can be assets, rights, or obligations designated by the testator, in writing, to specific […]
Monkhood and Inheritance in Thailand
Rationales of Section 1622 of the Thai Civil and Commercial Code (TCCC) A Buddhist monk is prohibited to claim inheritance as an heir by this provision, but he can be a legatee. Once he leaves monkhood, he has the right to claim for inheritance. There are several justifications on this provision: A person who enters […]
Prohibited Assets in Thailand from Inheritance
Permitted and Prohibited Assets From Inheritance Debts and obligations can be inherited by the heir under the Thai Civil and Commercial Code (TCCC). However, Sections 1601 and 1734 of the TCCC define these terms as liabilities and limitations on heirs, ensuring that they are not being burdened by excessive debts: Section 1601 exempts the heir […]
Succession in Thailand: Heirship
Heirship: Disinheritance An heir can be anyone under the discretion of the testator. However, such an heir can be excluded from succession under Section 1606 of the Thai Civil and Commercial Code (TCCC), in the following circumstances: Acts with prejudices or fraudulent intentions in getting an excess inheritance. Is guilty of having committed premeditated murder […]
Thailand Will
Forms of Will There are 5 forms of will as prescribed by the Thai Civil and Commercial Code (TCCC): An ordinary will A holograph will A public-made will A secret-made will and A verbal will Ordinary Will A will is a document written by the testator prior to death, which designates inheritance to heirs. This […]
Compromise and Penalty on Inheritance Tax
Extension of Tax Payment Section 8 of the Inheritance Tax Act B.E. 2558 (2015) may allow a taxpayer to submit a request to extend the tax payment period with the Revenue Department under one of these circumstances: Inability to pay tax within the period of 150 days, from the date of receiving inheritance. A taxpayer […]
Calculation of Inheritance Tax
Tax Rate An heir who receives inheritance with the value exceeding 100 million THB is subject to paying inheritance tax in the following rates stipulated by Section 16 of the Inheritance Tax Act B.E. 2558 (2015): Descendants at 5%; Parents at 5%; Grandparents at 5%; Bloodline-unrelated individuals at 10%. Case Example: Land Lot Valued at […]
Relations Between Inheritance Tax and the New Thai Tax Law
Receiving Inheritance from Overseas and Bringing it to Thailand Any individual holding Thai citizenship or a Thai resident residing for 180 days or more who receives a foreign-source inheritance and brings them into Thailand is subject to taxation under the new tax law. In contrast, an individual who is not a Thai resident (residing 180 […]
