Land Sale - Capital Gains Tax

[STD Warehouse]

In the Uk when somebody sells a property they own, if they own multiple houses and it’s not their primary residence, then they pay capital gains tax on the difference between what they brought it for and what they are selling it for. 
 

In Thailand, is there the same kind of tax?

 

my wife is selling land she brought for 1m six years ago for 2.8m. This is the sales value that will be declared at the land office.

 

Thai’s never seem to file tax returns, well in the village I’m in, I have never heard of a single Thai file a Tax return. About 10 years ago a Thai friend happened to be in the revenue office and they asked her income, she just randomly made up an answer which they accepted with no further questions.

 

But when land is sold, do the Land office withhold income tax? Or do they pass on information on sales price to the revenue department?

 

 

[Thailand J]

I hope I am right. Not 100% sure.

 

1. Transfer tax 2%.

2. Specific Bussiness tax 3.3% if the property has bought less than 5 yrs. Stamp Duty 0.5% if more than 5 yrs.

3.Income tax based on number of years held, purchase price is irrelevant in Thailand. 6 years old property will get 60% discount so out of 2.8M only 1.12M is txable. 1.12M over 6 years that is 186,667B per year.  Per schedule A below the tax is 1833.33B x6=11000B.