Reduction Of Transfer Fee And Specific Business Tax

[Rob5060]

Anybody know if this is now law and if it can be used to transfer a company owned house to wifes name

Any update appreciated

Cheers

[dsfbrit]

Hi there - I had a similar question and contacted Sunbelt Asia (Greg) about this in April. He said this is possible to do now. Here are some snippets of the emails. For more info I would contact Greg directly.

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Hi Greg,

I have just heard that there is / may be a reduction in taxes relating to houses.

I am still interested in moving my house/land from my company to my wife and wonder if this would be a good time to do this to reduce the taxes I/the company would need to pay.

The overall tax liability under the old ruling was about 6 percent, the new ruling would on the face of it seem to be for a lot less??? for the next year at least.

As you can see below, I was interested in a 30 year lease before, but now would be interested in a Usufruct instead.

If you think this may be a good time to make this change etc...

regards

dsfbrit

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From Greg (Sunbelt)

Yes they lowered the rates to just .001 per cent on the transfer and .001 per cent on the SBC.

Are you ever in Bangkok? If not we can still do it by e-mail till the day we meet at the Land Office.

Just let me know.

Regards

Greg

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Later Email From Greg (Sunbelt)

For a usufruct we charge 9,500 Baht + 7% VAT

For shutting down a company we charge 30,000 Baht + 7% VAT

If you want to shut down a company at this point time you will have to file the audits for 2007 and 2008. The professional fee for the audit would be starting at 13,000 Baht plus 7% VAT per audit.

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