New Tax On Land And House

[wallacern]

Todays Bangkok post has an article on page 2B that indicates all land and houses will be subject to a new tax with the rate to be determined at a later date. Tax will be on the appraised value of the land and house.

Anyone with more info or who can post a link to the article?

[cclub75]

Tax to fund communities

Undeveloped land tax will deter speculation

WICHIT CHANTANUSORNSIRI

A new tax on land and buildings will set rates at relatively low levels, but should help raise considerable revenue for local development, according to Somchai Sujjapongse, an adviser to the Finance Ministry.

He said the ministry had completed its review of the new tax framework, which would be submitted to Finance Minister Chalongphob Sussangkarn shortly for review.

The new law would scrap the existing building tax as well as laws requiring a 12.5% tax on revenues from leases.

Instead, taxes will be collected from all land and properties nationwide, based on their official valuations as set under regular surveys by the Treasury Department.

http://www.bangkokpost.com/Business/21Mar2007_biz40.php

[wallacern]

Tax to fund communities

Undeveloped land tax will deter speculation

WICHIT CHANTANUSORNSIRI

A new tax on land and buildings will set rates at relatively low levels, but should help raise considerable revenue for local development, according to Somchai Sujjapongse, an adviser to the Finance Ministry.

He said the ministry had completed its review of the new tax framework, which would be submitted to Finance Minister Chalongphob Sussangkarn shortly for review.

The new law would scrap the existing building tax as well as laws requiring a 12.5% tax on revenues from leases.

Instead, taxes will be collected from all land and properties nationwide, based on their official valuations as set under regular surveys by the Treasury Department.

http://www.bangkokpost.com/Business/21Mar2007_biz40.php

[wallacern]

Thanks for the summary and providing the link.

Hope there is no two tier system!

[Khun ?]

Would be kind of wise to let foreigners own 1 residence with land rights not more than 50 meters in any one direction maximum from the main building, at a 1% annual tax rate. Anything over 10 Mil 1.5% and so on for each 10 mil.

5 mil minimum which will keep lower priced housing uneffected. No ownership transfer for 3 years.

Re appraisals done every 5 years, which taxes on the 1 year previous will be adjusted to new rate.

Just a thought.

[lovetheriver]

Todays Bangkok post has an article on page 2B that indicates all land and houses will be subject to a new tax with the rate to be determined at a later date. Tax will be on the appraised value of the land and house.

Anyone with more info or who can post a link to the article?

I am getting conflicting reports on the capital gains situation for a thai non resident. I have just paid a reservation fee for a condo and am looking for more info re: tax payable on profit upon sale........... can anyone help?