condo sold ..no receipt for 300.000 baht

[Harveyboy]

hello guys has anyone sold property here and not had a receipt for the difference between the money signed for at land office and the money actual received..

Ok I'll try to keep this brief..I had a condo in Pattaya hadn't lived on it for years was empty I live up north so I decided a month ago to seek spoke to an agent who said had buyers lots of them all russian so he would be also working with a Russian lady who  also sells property..it sold in 10 days buyer put deposit how this was done so quick was the agent said they had sold 3 that week all in company name same as mine how they did it was 

Close company 

Put in foreign name 

...I told them how much I wanted the same price I paid 1.2 mil I told them whatever they sold it for was up to them 

so they said the cost to sell it would include cles company ..foreign name ..transfer fees ..and of course the sales commission they sold it for 1.5 mil 

now this is where I'm confused yesterday I signed the papers at land office 1.5..even thoni only got 1.2 the rest was paid to the agent for all the other stuff but no receipts or paperwork given for the 300.000 so when the company finally closes I will be paying tax on the money I actually paid out anyone had this experience is it normal 

the way I looked at it in England I was a builder if I did a job say 1000 quid and the materials cost 400 quid I'd pay tax on 600 

that's how I'd expect it to be here...sorry for rabeling on but it's the only way I can try to explain what happend   any help appreciated.no jokers serious replies thanks 

 

 

 

 

[worgeordie]

Strange they said 1.5 Million to land office , as most people selling

give a lower valuation ,

regards worgeordie

[Harveyboy]

2 minutes ago, worgeordie said:

Strange they said 1.5 Million to land office , as most people selling

give a lower valuation ,

regards worgeordie

yes that's what my wife said ...as I said 1.5 at land office 1.2 to my bank ..as you said strange ..tks 

[Harveyboy]

Just now, Harveyboy said:

yes that's what my wife said ...as I said 1.5 at land office 1.2 to my bank ..as you said strange ..tks 

so what do you think they might gain from doing this ?  what I'm concerned about is I will literally pay the tax on their commission/ earnings 

[scubascuba3]

You need to ask the agent and\or land office for the breakdown. BTW tax when closing a company can be much higher than you think as the property gets written down in value every year so profit will be based on this new much lower cost

[FriendlyFarang]

1 hour ago, Harveyboy said:

so what do you think they might gain from doing this ?  what I'm concerned about is I will literally pay the tax on their commission/ earnings 

Their gain is that they don't have to pay tax on the 300k, because you are paying it.

The correct way would have been that the buyer gives 1.5 million to you, and you pay 300k to the agent for his services after he issues you a proper invoice. Like this you would have 1.5 million income, and 300k expenses, all traceable, so you would pay tax on the 1.2 million profit.

Ask the agent for an invoice for the 300k, but I guess he will just disappear...

[Harveyboy]

21 hours ago, FriendlyFarang said:

Their gain is that they don't have to pay tax on the 300k, because you are paying it.

The correct way would have been that the buyer gives 1.5 million to you, and you pay 300k to the agent for his services after he issues you a proper invoice. Like this you would have 1.5 million income, and 300k expenses, all traceable, so you would pay tax on the 1.2 million profit.

Ask the agent for an invoice for the 300k, but I guess he will just disappear...

exactly my thoughts mate tks for the reply

[Harveyboy]

22 hours ago, scubascuba3 said:

You need to ask the agent and\or land office for the breakdown. BTW tax when closing a company can be much higher than you think as the property gets written down in value every year so profit will be based on this new much lower cost

tks mate I'm looking into doing that ...but I think a few problems may arise 

Edited December 9, 2022 by Harveyboy
spelling

[soi3eddie]

How did your legal representative or accountant allow this to happen? Oh, seems you didn't mention having one. Could have saved you tax on minimum of 300,000 Baht if you had used one! And people ask "why use a lawyer"? Most lawyers here are fairly tax savvy IME. Maybe the tax on the difference is same cost as getting professional advice. Zero sum. Move on. Educated for next time.

 

[Harveyboy]

14 hours ago, soi3eddie said:

How did your legal representative or accountant allow this to happen? Oh, seems you didn't mention having one. Could have saved you tax on minimum of 300,000 Baht if you had used one! And people ask "why use a lawyer"? Most lawyers here are fairly tax savvy IME. Maybe the tax on the difference is same cost as getting professional advice. Zero sum. Move on. Educated for next time.

 

the sale went via a very large well known company .whose name obviously I can't put I was under the impression their legal side sorted all that out as they did when I bought it .I've since contacted my accountant who is sorting it out ..but yes must agree legal representation is a must ...just that I thought I had it ..tks H