The Inheritance Tax Act is made up of two important pillars: estate tax and gift tax. Estate tax deals with the value of all that is acquired under the laws of succession through the death of a person who resided in the Netherlands at the time of his or her death. Gift tax is levied on the value of all that is acquired as a gift from a person who resided in the Netherlands at the time when the gift was made. An important part of the act is the BOF (business succession facilities). This determines that under certain conditions you pay no or hardly any gift or estate tax when you acquire company assets as a gift or through an inheritance.