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Legal Update
Secured Transaction Act
July 2016
After a long wait, the Secured Transaction Act B.E. 2558 (2015) has finally come into full force on 2 July 2016. The Act introduces a new form of security interest over assets to the Thai legal system, which previously recognised only (i) mortgage (available for immovable property and certain specific types of movable property); and (ii) pledge (available for movable property and requires the delivery of the pledged property).
Inheritance Tax and Gift Tax
February 2016
The Inheritance Tax Act B.E. 2558 (the "ITA") is one of the key tax reforms which came into force on 1 February 2016 with an aim at bridging the gap of income disparity in Thailand as well as increasing state revenue. An inheritor receiving the prescribed assets (e.g. immovable property, securities, bank deposit, registered vehicle, and other financial assets to be further announced) with aggregate value over Baht 100 million