Tax On Profit

[samui bill]

can anyone tell me what sort of tax you have to pay if you make a profit on a house,and if you sell a house can the money be paid to an over sea account.

[N&M]

It depends on how it is owned i think, company or in private name. If company then company taxes are involved.

If in own name, then it depends how long you have lived in it. I believe that if you have lived in it for more than a year, there are no capital gains taxes. If you have lived in it less than a year then possibly a 3% business tax in likely. If you live in it less than a year but buy a new one in less than a year, I think no business tax is likely.

You still have the normal transfer and stamp duty taxes to pay regardless.

[samui bill]

can anyone tell me what sort of tax you have to pay if you make a profit on a house,and if you sell a house can the money be paid to an over sea account.

[astral]

Two taxes come into play here.

1. Property tax, based in what the land office thinks the land and house is worth at the time of sale, compared to when it was bought.

2. Company profit tax.

The sale price paid and the price declared to the Land Office or the Thai

tax man do not have to be the same. In fact they rarely are!!!

The seller usually wants to minimise the Property tax, so the amount is lower. The amount on the company books will be similarly low.

I am not sure how the auditors deal with this. What they don't see, they don't grieve about, I guess.

Actual payment can be in 2 cheques.