Land Department

[alyx]

Hey

I am selling a condo and I was called today by the interested party who thought that the land department would be closed on Monday / Tuesday (I do not see why even with what is going on)

I called the Land department last week, they answered although it was a bank holiday (so call back tomorrow) but since then impossible to get in touch with them as all the lines were disconnected each time I tried

Does anyone know whether it is closed?

Second question:

Can anyone confirm the following?

(Special thanks to Trajan who has been kind enough to provide us with his experience in an other post)

The condo is 2,040,500 Baht bought in May 2008:

1. Government Transfer Fee 0.01% of the official government appraised value of the unit: meaning I will pay a minimum of 204,05 Baht

2. Specific Business Tax 0.11% of value (whichever is the highest Declared Vs Official) 2,244,55 Baht

I have a question here: is it a tax for everyone (as an individual selling to another individual) or only aimed at companies

3. Personal withholding tax -(I hope Trajan will not mind if I follow the example given and adapt it to my case which is based on a 3 year ownership for a sale of 2,040,500 Baht; I understand that the month of the purchase is irrelevant)

a) Aggregate net income 2,040,500 x 0.2 = 408,100 Baht (you wrote 0.16 for 2 years so I made it a 20% for 3 but is there a way to calculate it)

Yearly income: 408,100/3= 136,034 Baht

c) Yearly income tax: 5,000 + 10% de 36,034 = 5,000 + 13,604 = 18,604 Baht

d) 3 year income tax: 18,604 x 3 = 48,812 Baht

4) Duty Stamp: 0.5% (if SBT is not paid) 10,202.50 Baht

To sum it up I will have to pay (if I make it to the land department before May the 31st)

204.05 + 2,244,55 + 48,812 = 51,260.60 if SBT applies or

204.05 +10,202.50 + 48,812 = 59,218.55 if duty stamp applies

Third Question:

What is the price per m² on Silom?

Thank you for taking the time

Edited May 16, 2010 by alyx

[alyx]

I think I have got an answer to my first question: as it is a government's office I guess that they will be closed the same

[alyx]

anyone?

[alyx]

To those interested

Land department was open this morning May the 20th

The taxes are

0,01 %

2,5 %

3,3 %