The National Taxation Bureau of the Northern District of the Ministry of Finance stated that when parents donate property to their children, the tax exemption for each "donator" is 2.44 million yuan. If the cumulative gift amount in the current year exceeds the tax exemption amount, they should declare gift tax to avoid being taxed and fined.

(Photo by reporter Zheng Qifang)

[Reporter Zheng Qifang/Taipei Report] The National Taxation Bureau of the Northern District of the Ministry of Finance stated that when parents transfer property to their children, the gift tax exemption is calculated based on the "donator". Currently, the annual tax exemption for each donor is 2.44 million When the annual cumulative gift amount exceeds the tax-free amount, a gift tax declaration should be made to avoid being taxed and fined.

The North District State Taxation Bureau pointed out that it was discovered that Mr. Jia deposited 2.2 million yuan in each of his three sons’ bank accounts in 2021, totaling 6.6 million yuan, which exceeded the annual tax exemption of 2.2 million yuan. Therefore, it was approved as a gift Taxes of 440,000 yuan and penalties.

The North District State Taxation Bureau stated that Mr. Jia mistakenly believed that each son received a donation of less than 2.2 million yuan, so he was not required to declare gift tax. Therefore, he claimed to be exempted from punishment and applied for review.

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The North District National Taxation Bureau reminds that if people deposit cash into their children's bank accounts in installments in the same year, if the accumulative tax exemption amount exceeds 2.44 million yuan for the year (2.2 million yuan from January 23, 2009 to 2021), they should pay 30 Report the gift tax within a day to avoid being taxed and fined.

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