Info About A Vehicle In Company Name To Private Name.

[AliasJohn]

A bit of information to anyone about to purchase a vehicle and want it in their company name. I have three vehicles in my company name and last week I sold one of them. Went off to the Lands Department here in Ubon and with the new owner only to find out that a vehicle that is in a company name can not be transferred into a private name. I thought maybe it was a case of it being to hard for them so with my old Thai friend asked to see the head man. He was very nice and even showed us the act stating this. Fortunately my buyer just happened to have a Thai registered company so it wasn't a issue. Better to put it in your own name not the company.

[SantiSuk]

Most taxation systems would allow the company some form of tax relief on a business asset purchase, but such tax breaks would typically be clawed back wholly or partly if there was an early sale to stop an obvious loophole. Perhaps Thai taxation works differently from this.

I can understand that, otherwise seemingly inanne, law they quoted you if there are tax breaks for purchasing a car in a company name compared with buying it in a personal name and those tax breaks take the form of a reduction of purchase price.

[AliasJohn]

Most taxation systems would allow the company some form of tax relief on a business asset purchase, but such tax breaks would typically be clawed back wholly or partly if there was an early sale to stop an obvious loophole. Perhaps Thai taxation works differently from this.

I can understand that, otherwise seemingly inanne, law they quoted you if there are tax breaks for purchasing a car in a company name compared with buying it in a personal name and those tax breaks take the form of a reduction of purchase price.

I have the vehicles in my company name for that very reason. Just to top it off, if your company car is a passenger vehicle eg: a Toyota Vios and still licensed in company name you can't claim the vat. Only a pick up or a bus can claim the vat. The vehicle can be claimed as an company expense but not the vat.

[happylarry]

Well this must be a new law then because about 6 or 7 years ago I took my pick up off my company name and put it in my wife's name with no problems. Mind you this was in Samui where many laws seem to be different....lol

HL