Topah Posted February 4, 2021 Share Posted February 4, 2021 (edited) Hi. I bought a new condo 2 years ago (build 2019) and I am thinking of selling it. Is there something I should be aware about the taxation etc.? Edited February 4, 2021 by Topah Link to comment Share on other sites More sharing options...
Peterw42 Posted February 4, 2021 Share Posted February 4, 2021 It depends on whether you lived in the condo, ie: your principle place of residence, otherwise if the condo is owned for less than 5 years a special business tax of 3.3% applies, on top of the usual 2.5% transfer and duty. If the condo is company owned then the 3.3% always applies 1 Link to comment Share on other sites More sharing options...
Topah Posted February 4, 2021 Author Share Posted February 4, 2021 4 minutes ago, Peterw42 said: It depends on whether you lived in the condo, ie: your principle place of residence, otherwise if the condo is owned for less than 5 years a special business tax of 3.3% applies, on top of the usual 2.5% transfer and duty. If the condo is company owned then the 3.3% always applies Condo is not my main place of stay. I did not rent it either. If I sell price of 3 million baht, I pay total of 5.8% tax/duty? Is there any other expenses? Link to comment Share on other sites More sharing options...
Peterw42 Posted February 4, 2021 Share Posted February 4, 2021 14 minutes ago, Topah said: Condo is not my main place of stay. I did not rent it either. If I sell price of 3 million baht, I pay total of 5.8% tax/duty? Is there any other expenses? Maybe an agent commission on top. The taxes etc are levied on the land office appraised value, not what you say it sold for. Link to comment Share on other sites More sharing options...
Cricky Posted February 5, 2021 Share Posted February 5, 2021 There was a recent post regarding property taxes "Thailand approves cuts on property tax" I was told it does not apply to foreigners, only applies to Thais. Over the many years they have on occasions reduced property tax and foreigner's were included Link to comment Share on other sites More sharing options...
jomtienisgood Posted February 5, 2021 Share Posted February 5, 2021 20 hours ago, Peterw42 said: Maybe an agent commission on top. The taxes etc are levied on the land office appraised value, not what you say it sold for. And maybe prior to all this , find a victim whom would want to buy given the present situation.... 1 Link to comment Share on other sites More sharing options...
khunPer Posted February 5, 2021 Share Posted February 5, 2021 On 2/4/2021 at 7:54 AM, Topah said: Is there something I should be aware about the taxation etc.? Yes, you are as seller going to pay tax, whilst normally buyer will pay transfer fees. There is a property tax calculator HERE. 1 Link to comment Share on other sites More sharing options...
DrJack54 Posted February 12, 2021 Share Posted February 12, 2021 On 2/4/2021 at 2:47 PM, Peterw42 said: Maybe an agent commission on top. The taxes etc are levied on the land office appraised value, not what you say it sold for. I have always wondered about this. Recently purchased a townhouse (Thai name) and the seller put the sale price down one million less than the actual price. In Oz it's fairly strict. I wish to 'gift' some homes to my sons and it's difficult to understate their value. How does it work in Thailand. Link to comment Share on other sites More sharing options...
Peterw42 Posted February 12, 2021 Share Posted February 12, 2021 15 minutes ago, DrJack54 said: On 2/4/2021 at 2:47 PM, Peterw42 said: Maybe an agent commission on top. The taxes etc are levied on the land office appraised value, not what you say it sold for. I have always wondered about this. Recently purchased a townhouse (Thai name) and the seller put the sale price down one million less than the actual price. In Oz it's fairly strict. I wish to 'gift' some homes to my sons and it's difficult to understate their value. How does it work in Thailand. As above, the taxes and transfer are levied on what the land office says it is worth. You can buy/sell, declare a lower amount but the land office will use their appraised value. 1 Link to comment Share on other sites More sharing options...
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