Earning Rental Income On Condo

[mbkudu]

If rental income is earned each month on a condo rental, how is it taxed by the government. Is it taken directly from the bank account by the bank on behalf of the government, or are there forms to be filled out and filed with the Thai tax man?

[Digger]

If rental income is earned each month on a condo rental, how is it taxed by the government. Is it taken directly from the bank account by the bank on behalf of the government, or are there forms to be filled out and filed with the Thai tax man?

How is the condo owned? Personally or through a company.

If its personally, you declare the income on your personal tax return, which from memory is a flat rate of 15% of income (but I might be wrong). This assumes, your registered for income tax and have a work permit. No idea if you do not as my experience is with a work permit and income tax return. I would assume that 99% of farang do not declare any income if they do not hold a work permit as they are notionally outside the taxman's view.

If its owned by a company, they need to pay tax on the rental income via a property tax and also potentially corporation tax if your company is making a profit.