Swelters Posted June 19, 2007 Share Posted June 19, 2007 There was talk of a reduction, but am I correct in thinking it is still 2%? Plus 1% for something called a witholding tax? And what is a withholding tax, anyway? And another 3% if you haven't held the property for 5 years? Link to comment Share on other sites More sharing options...
quiksilva Posted June 19, 2007 Share Posted June 19, 2007 You are correct its still 2% 3% Specific Business Tax + municipal tax (10% of SBT) if owned for less than 5 years (you'll be seen to be trading in real estate, so stamp duty will not be applicable). Withholding tax is determined under the Revenue code of Thailand. The seller shall withhold such tax and pay it to the Revenue Department, when they earn an income from the sale of immovable property (including condominium unit). Withholding tax rates are calculated based from government assessed price. There is however a deduction based on how long you have owned the property (the longer you have owned it the better the discount). The actual payable amount is then calculated based on the progressive personal income tax rates (0 – 37%). Link to comment Share on other sites More sharing options...
Irene Posted June 19, 2007 Share Posted June 19, 2007 You are correct its still 2%Transfer tax at 2% plus stamp duty at 0.5% on the proceeds or the official value whichever is higher. 3% Specific Business Tax + municipal tax (10% of SBT) if owned for less than 5 years (you'll be seen to be trading in real estate, so stamp duty will not be applicable). This is correct for individuals. However, for a corporation as a seller, no concession on that 5 year possession is applicable. If this is applicable, no stamp duty shall apply. Withholding tax is determined under the Revenue code of Thailand. The seller shall withhold such tax and pay it to the Revenue Department, when they earn an income from the sale of immovable property (including condominium unit). Withholding tax at 1% is applicable when the seller is a corporation and the Land Department as an agent of the Revenue Department is required to obtain payment from the corporate seller. Withholding tax rates are calculated based from government assessed price. There is however a deduction based on how long you have owned the property (the longer you have owned it the better the discount). The actual payable amount is then calculated based on the progressive personal income tax rates (0 – 37%). This is applicable to an individual seller. Link to comment Share on other sites More sharing options...
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