Property Taxes

[Boater]

Hi

Does anyone know if the other 1 year extension is happening with regards to property taxes ?? ... as i am sure this is due to expire on the 1 st April, but i heard they where going to extend this incentive for another year?

Cheers

[spacebass]

Hi

Does anyone know if the other 1 year extension is happening with regards to property taxes ?? ... as i am sure this is due to expire on the 1 st April, but i heard they where going to extend this incentive for another year?

Cheers

It is not extended as of 30th March and there is also the question of the revaluation of the land office property valuations which were settled about a year ago for introduction now.

The staff at Pattaya land office are expecting a letter from the ministry 'in the next couple of weeks' repealing this revaluation and or extending the tax reduction. I got the impression that it was to repeal the new valuations, which I was told was in the order of valuing a 30sqm studio in Jomtien in Soi 7 130 meters from the beach at 1,000,000thb, probably a doubling of previous valuations. Putting the transfer tax (2 types) for such a unit at 58,000thb a massive increase from the old amount.

[quiksilva]

It has already been approved, I have seen the announcement.

[tangoll]

As of 27th March, staff at Land Dept office has advised that they have not received any instructions to extend the reduced tax/rates on property transactions for another year, despite the various announcements that have been made in the news. So the next day, 28th March, the rates/tax will go back to pre-reduction levels.

Despite all comments that have been made, the only thing that really counts is what the Land Dept office will say and do. So does anyone else have a source or document that instructs the Land Dept to do differently?

[quiksilva]

From the Ministry of the Interior

PDF_35.pdf

PDF_36.PDF

PDF_38.PDF

PDF_37.PDF

[Pappiklon]

From the Ministry of the Interior

Thanks Quicksilva for the links, not reading Thai can you give a brief synopsis of what it says, many thanks, Papi

[loopaimod]

Pattaya and Sattahip still charging the full rate for transfers at the moment. They say they have no notification to extend the low rates. If you did transfer right now and pay the full figure can you claim money back if they do decide to reduce it again?

[tangoll]

I have no idea what the 4 documents provided by quiksilva say, as I am not Thai and don't read/write Thai. Maybe quiksilva knows.

Here is what my agent tells me the Land Dept office has been advised and what they will do:

1. Transfer fee stays at the reduced rate of 0.01% of the declared transaction value vs the former rate of 2% (this is the only extension of the reduced rates)

2. Specific Business Tax reverts to the pre-reduction rate of 3.3% (vs. the reduced rate of 0.11% which ended 27 Mar 2009)

3. Revenue tax calculation stays the same depending upon the number of years of imputed ownership and the corresponding rates used in the calculation.

The big hit is in the Specific Business Tax which goes back to 3.3% of the declared transaction value.

I had been advised by several people in the real estate business/industry that the reduced rates were extended for another full year, and the source was that they had heard it on the news, read about it in the newspapers, saw the announcement, etc., but until you got all the details, they basically were just talking off the top of their heads and speaking only in generalities.