Inheritance tax gets NCPO nod

[HUAHIN62]

The inheritence and land tax however have a very big loophole in it which would be used by the rich to minimise the effect of the tax on them, that is the appraised value of the assets. It is normal practice in Thailand to lower the purchase price of properties for transfers to decrease the fees payable to the LO. For the tax to be effective all properties should be re-evaluated on an annual basis.

[rickirs]

"When the NCPO finalises the draft tax bill, the Finance Ministry will table it before the National Legislative Assembly when it comes into existence this year."

 

Will this be the legislative process going forward after the NLA is formed? The Junta writes a bill, submits it to the NLA whose majority composed of active military personnel and NCPO appointees WILL pass the bill into law? People's happiness might eventually come into question when the People have no control over their own governance.
 

[Pib]

The owners of residences appraised at Bt1,000,001 would pay a real estate tax of Bt1,000.001 a year. For every Bt1 million in appraised value, the real-estate tax would amount to Bt1,000 a year.

 

Well, the dirt and house the wife and I own here in Bangkok are appraised at Bt7M at the land office...guess that would amount to Bt7K in yearly property taxes compared to zero now.   Thailand is making me feel more like I'm back in the States all the time.   A lot of the middle class folks who just own a home on a small patch of dirt are "not" going to like this...just like all previous land tax proposals that flew like a lead ballon when nearing the finish line.  A proposal is easy to make, but getting it passed into law is a different story.

[indothai]

Crap, I don't understand what was said.  Can someone help.

 

If I currently own land, do I have to pay these "inheritance tax"?  or do these "inheritance taxes" apply only after it was given to me?

 

I'm confused because they added soda drinks into "inheritance taxes"... i'm an idiot with taxes, but what.... if I inherited a case of soda would the government actually care about it?...

 

So confused... can someone help make sense to the laymen.

[Bulldozer Dawn]

The land tax should help to reduce the request for ridiculous rents and leaving a property vacant if they are not obtained.

 

The Army needs to look at other mechanism to also free up the commercial rental market in places where they have cleared the beaches such as Phuket.

[dominique355]

 

 

This means that every middle class property owner is gonna pay a couple thousand a year. The fleecing of the middle class continues as even 1 bedroom condos in Bangkok are going for at least 1 million baht these days. Those who own 10 million homes or have hundreds rai of land won't worry that much, but your average hard working family will. If the junta introduces this tax scheme overnight, it will be pure thievery.

 

 

 

 

Yes, and the question is what happens if/when people are unable to pay? Arrest and imprisonment? Eviction? Homes that have been lived in for generations could easily hit a million, with land - a strip of grass jammed between two buildings near me is currently up for almost twice that and I doubt you could get more than a small garage on it (and no drive - red/white curb - so even then you're scuppered).

 

 

Another interesting point. All over areas of prime Bangkok there are families people who have resisted the urge to sell their prime land to developers and live in the shadows of shiny new blocks. I suspect some (not all) have very little money at all, but obviously have a very valuable asset under their feet. The value of the land would probably be huge, and they would have no way of paying the tax, leaving little option but to sell to the developers...... hopefully there is some clauses which may relate to the tax not being payable on a families primary residence or alike, with the aim to target more on those with multiple abodes for renting out.

 

 

So pretty soon the last green spots in the cities will disappear and make room for more condominiums or shopping malls. Great idea, NCPO! who needs green spots anyway?

 

 

[Pib]

Middle class wont have a problem with this and lower class is almost exempt. They could have upped the value of houses to 2 million or so to be sure but otherwise I think this is great. I hate taxes but Thailand needed this the middle class salary workers were paying it all while the real rich did not. The poor were getting all the money from the middle class instead of from the rich.

 

The percentages should have been higher and the threshold higher too to get the rich harder but still this is a major step ahead and a true sign the junta is not here for the rich as they are hit hardest. The junta is really doing what needs be done.. no political party would have done this as all they were doing was spending money on popular policies and not increasing the tax base.

 

Me thinks you are wrong about the Middle Class not having a problem with this, especially when they  are living in a residence worth several million baht...heck, here in Bangkok any decent middle class residence starts around Bt2M-3M for a "small" condo/apartment/townhouse (much more in central Bangkok)...and if it's a larger townhouse or single family home on a small patch of dirt the price jumps way up.  

 

Nope, I think the middle class "will" have a big issue in now having to pay several thousand baht per year, say Bt2K on a Bt2M valued residence, Bt5K on a Bt5M valued residence,  etc).   In my large moobaan of approx 750 homes in western Bangkok about the lowest cost home is around Bt5M, but most probably range in the Bt7M to Bt12M ballpark with a few dozen homes probably exceeding Bt30M....most of these home owners are small business operators  (like running a small wholesale/retail store in some mall) or people working regular jobs at around Bt20-30K per month based on discussions with my neighbors.  And it's just not my moobaan, plenty of similar moobaans all over Bangkok and other areas in Thailand with homes valued the same and the same type of middle class folks living in them.

 

Now if your definition of "Middle Class" folks in Thailand are folks with plenty of money, me thinks you ought to reevaluate your definition.  Sure,some of the folks do have plenty of money, but most don't...have their homes mortgaged, etc.

[tx22cb]

As long as the Junta do not enshrine this proposal into the new constitution, I am not too worried.

If these taxes prove to be hugely unpopular, the rich landowners/elite will persuade a like-minded political party to repeal (or at least modify) the law in a few years, when "democracy" resumes.

[Benmart]

This means that every middle class property owner is gonna pay a couple thousand a year. The fleecing of the middle class continues as even 1 bedroom condos in Bangkok are going for at least 1 million baht these days. Those who own 10 million homes or have hundreds rai of land won't worry that much, but your average hard working family will. If the junta introduces this tax scheme overnight, it will be pure thievery.
 
 
 
 

Pure thievery must be proven by qualified experts in such thievery, of which I am not.

[monkeycountry]

they should also implements a farang tax

plus a bigger bigger tax for retired farang

and a huge one for farang married to bg

 

Tax on farang married to BG is usually 100%, sometimes even more

[wolf5370]

Crap, I don't understand what was said.  Can someone help.

 

If I currently own land, do I have to pay these "inheritance tax"?  or do these "inheritance taxes" apply only after it was given to me?

 

I'm confused because they added soda drinks into "inheritance taxes"... i'm an idiot with taxes, but what.... if I inherited a case of soda would the government actually care about it?...

 

So confused... can someone help make sense to the laymen.

 

Inheritance tax is paid on inheritance - i.e. your kids would have to pay it on your death (so sign it over to them now with a usufruct for yourself) and avoid paying it.

 

Land taxes is the bit you would have to pay - and determined on what sort of land it is and if it is fallow or not.

 

The rest is all about sugars in food - and would be universal, like VAT - and not noticeable as more than some things going up in price and others not (i.e. inflation will shoot up again).

[Feesbay John]

No tax is good,

 

How can anyone say taxing is good. It will not effect the rich, it never has in all the other country's around the world that have these taxes, so and how do you think it will here. Its the lower class that will be hardest hit. If tax is on land they now have to find that extra to get on the ladder. 

 

How many years before this low rate of 0.05% will it take to be 5% plus,,, This rate is just set to get it passed. Years to come is the one's I feel for. Were will this money be spent, on roads, Hold on we already pay tax on fuel for that, Schools, hospital, ect ect, Hold on is that not why we pay VAT. 

Or is this new tax to help pay the bankers more and so Thailand can borrow more, making like Europe and USA  were it can never be payed back.

 

This tax is not good for the Thai people.

 

[robblok]

 

Middle class wont have a problem with this and lower class is almost exempt. They could have upped the value of houses to 2 million or so to be sure but otherwise I think this is great. I hate taxes but Thailand needed this the middle class salary workers were paying it all while the real rich did not. The poor were getting all the money from the middle class instead of from the rich.

 

The percentages should have been higher and the threshold higher too to get the rich harder but still this is a major step ahead and a true sign the junta is not here for the rich as they are hit hardest. The junta is really doing what needs be done.. no political party would have done this as all they were doing was spending money on popular policies and not increasing the tax base.

 

Me thinks you are wrong about the Middle Class not having a problem with this, especially when they  are living in a residence worth several million baht...heck, here in Bangkok any decent middle class residence starts around Bt2M-3M for a "small" condo/apartment/townhouse (much more in central Bangkok)...and if it's a larger townhouse or single family home on a small patch of dirt the price jumps way up.  

 

Nope, I think the middle class "will" have a big issue in now having to pay several thousand baht per year, say Bt2K on a Bt2M valued residence, Bt5K on a Bt5M valued residence,  etc).   In my large moobaan of approx 750 homes in western Bangkok about the lowest cost home is around Bt5M, but most probably range in the Bt7M to Bt12M ballpark with a few dozen homes probably exceeding Bt30M....most of these home owners are small business operators  (like running a small wholesale/retail store in some mall) or people working regular jobs at around Bt20-30K per month based on discussions with my neighbors.  And it's just not my moobaan, plenty of similar moobaans all over Bangkok and other areas in Thailand with homes valued the same and the same type of middle class folks living in them.

 

Now if your definition of "Middle Class" folks in Thailand are folks with plenty of money, me thinks you ought to reevaluate your definition.  Sure,some of the folks do have plenty of money, but most don't...have their homes mortgaged, etc.

 

If there is 30k income then that is 360 K a year then the 5000 (if they have a 5 million home dont think you can do that with 30 income) its not that much. But yes for some it might.. but these small business owners usually pay no tax already so its fair to tax them.

[robblok]

No tax is good,

 

How can anyone say taxing is good. It will not effect the rich, it never has in all the other country's around the world that have these taxes, so and how do you think it will here. Its the lower class that will be hardest hit. If tax is on land they now have to find that extra to get on the ladder. 

 

How many years before this low rate of 0.05% will it take to be 5% plus,,, This rate is just set to get it passed. Years to come is the one's I feel for. Were will this money be spent, on roads, Hold on we already pay tax on fuel for that, Schools, hospital, ect ect, Hold on is that not why we pay VAT. 

Or is this new tax to help pay the bankers more and so Thailand can borrow more, making like Europe and USA  were it can never be payed back.

 

This tax is not good for the Thai people.

 

No tax means no roads no electricity no development no healthcare nothing.. So tax is necessary. Thing is the rich were not taxed now they are and really you are dreaming if you think that this tax will increase to 100 times what it is now. That is totally unrealistic and scaremongering. 

 

If they increase the VAT poor will pay more so that is not a good tax for the poor. I really wonder sometimes about peoples education, I always thought foreigners were well educated but it seems quite a few are not.

 

They need more money for healthcare and the poor.. they already have a shortage of money.. The rich were not paying.. so this is a way to get at them.

[robblok]

The inheritence and land tax however have a very big loophole in it which would be used by the rich to minimise the effect of the tax on them, that is the appraised value of the assets. It is normal practice in Thailand to lower the purchase price of properties for transfers to decrease the fees payable to the LO. For the tax to be effective all properties should be re-evaluated on an annual basis.

That is why there are appraisers.. its fun to see a red-shirt now argue against the tax. First they were saying this tax would never be (and to be honest I did not disagree with them) Now its there they say it won't be paid but to be honest I disagree. If they put some good appraisers on it then they will have to pay.

 

Its fun to see red supporters trying to have a go at the junta even though they do good things.

 

I don't like taxes, but Thailands tax base was far too small.

[jayboy]

Believe it when the proposal is enacted into law with an appropriate set of rates - ie not token - and applicable to all without exception.

In short as likely as it is that I will be decapitated by a frisbee.


Sent from my iPhone using Thaivisa Connect Thailand

[Lancelot]

This is great news. Hopefully it will force land speculators who buy land and then just sit on it for generations to actually do something with it or sell it, rather than waiting 30 years for some fool to come and offer 3x market value.

 

This vacant land tax rate should probably be calculated at 5% inside designated metropolitan boundaries. Hopefully this would create a fluid and realistic property market that reflects true value for the landowner rather than a few rich families owning all the good positions.

I'll believe that the elites will consent to be taxed -and actually pay- on their properties and future wealth bequeaths about that same time that herds of pigs gracefully fly over Thailand.

[Feesbay John]

 

No tax is good,

 

How can anyone say taxing is good. It will not effect the rich, it never has in all the other country's around the world that have these taxes, so and how do you think it will here. Its the lower class that will be hardest hit. If tax is on land they now have to find that extra to get on the ladder. 

 

How many years before this low rate of 0.05% will it take to be 5% plus,,, This rate is just set to get it passed. Years to come is the one's I feel for. Were will this money be spent, on roads, Hold on we already pay tax on fuel for that, Schools, hospital, ect ect, Hold on is that not why we pay VAT. 

Or is this new tax to help pay the bankers more and so Thailand can borrow more, making like Europe and USA  were it can never be payed back.

 

This tax is not good for the Thai people.

 

No tax means no roads no electricity no development no healthcare nothing.. So tax is necessary. Thing is the rich were not taxed now they are and really you are dreaming if you think that this tax will increase to 100 times what it is now. That is totally unrealistic and scaremongering. 

 

If they increase the VAT poor will pay more so that is not a good tax for the poor. I really wonder sometimes about peoples education, I always thought foreigners were well educated but it seems quite a few are not.

 

They need more money for healthcare and the poor.. they already have a shortage of money.. The rich were not paying.. so this is a way to get at them.

 

I think you need to waken up if you think they are going to help the poor.

 

Tax is already on fuel for the roads, Is all this money spent on the roads.

 

No electric, The electric is not FREE,  Doe's every one not have to pay to have this installed and pay each month for what is used.

 

Healthcare, Every one has to pay for treatment here.

 

This new tax will not stop at 0.01% It never has in other country's and will not here. 

 

Taxing home's when we already pay tax when we buy it.

 

The more tax the government's have the more they waste.  

 

Were is all the tax money that has been paid gone. 

[farang000999]

You guys realize that these tax rates are ridiculously low right? I mean, .05% tax rate on land?

 

I guess the plan is to just get it into law and then change the rates upward since that will be easier?

 

These current proposed rates... the gov might spend more trying to collect than what they collect.

[HUAHIN62]

The inheritence and land tax however have a very big loophole in it which would be used by the rich to minimise the effect of the tax on them, that is the appraised value of the assets. It is normal practice in Thailand to lower the purchase price of properties for transfers to decrease the fees payable to the LO. For the tax to be effective all properties should be re-evaluated on an annual basis.

That is why there are appraisers.. its fun to see a red-shirt now argue against the tax. First they were saying this tax would never be (and to be honest I did not disagree with them) Now its there they say it won't be paid but to be honest I disagree. If they put some good appraisers on it then they will have to pay.
 
Its fun to see red supporters trying to have a go at the junta even though they do good things.
 
I don't like taxes, but Thailands tax base was far too small.

Why must you try to make everything about color coded politics? Can't you just look at a comment and take it for face value. I didn't say the tax is bad or that it will not work. The only problem is that if they want it to work they need to appraise every property in the country on an annual basis for that there needs to be a system inplace which is not there at present. And no it will not be a few appraisers, there will have to be thousands to get a baseline appraisal which then are changed on an annual basis. Before critising a person please do some research and educate yourself about how things work in this world. I doubt it if you even pay taxes in Thailand like myself but you have plenty to say. The junta have done good things and the bad I can't discuss with you, because its against the law and thats the crux of the problem.

[worgeordie]

Another good thing the, NCPO is hopefully going to do,

this and a land tax,2 things that politicians would never 

have done,along with stricter corruption laws.due to

vested interests,would be like cutting their hands off.

 

regards Worgeordie

[robblok]

 

 

The inheritence and land tax however have a very big loophole in it which would be used by the rich to minimise the effect of the tax on them, that is the appraised value of the assets. It is normal practice in Thailand to lower the purchase price of properties for transfers to decrease the fees payable to the LO. For the tax to be effective all properties should be re-evaluated on an annual basis.

That is why there are appraisers.. its fun to see a red-shirt now argue against the tax. First they were saying this tax would never be (and to be honest I did not disagree with them) Now its there they say it won't be paid but to be honest I disagree. If they put some good appraisers on it then they will have to pay.
 
Its fun to see red supporters trying to have a go at the junta even though they do good things.
 
I don't like taxes, but Thailands tax base was far too small.

 

Why must you try to make everything about color coded politics? Can't you just look at a comment and take it for face value. I didn't say the tax is bad or that it will not work. The only problem is that if they want it to work they need to appraise every property in the country on an annual basis for that there needs to be a system inplace which is not there at present. And no it will not be a few appraisers, there will have to be thousands to get a baseline appraisal which then are changed on an annual basis. Before critising a person please do some research and educate yourself about how things work in this world. I doubt it if you even pay taxes in Thailand like myself but you have plenty to say. The junta have done good things and the bad I can't discuss with you, because its against the law and thats the crux of the problem.

 

I just remember who the red posters are and read their posts differently. This is a giant step forward that no goverment (Democrats also) would ever have done because they would be voted away. Plus the rich were in control. This is a great thing just take it as it is and sure there might be some problems with it but that can be rectified. You go from not taxing the rich to something that will work (even if some things should be amended). The General will be remembered as the man fighting corruption and making the changes the PTP would not make. I say cheers.

 

As i noted before thought the threshold should be higher and tax higher om more valuable things to hit the rich a bit harder and exclude the poor a bit more. But this is way better as before when the rich were NOT taxed at all.

[robblok]

 

 

No tax is good,

 

How can anyone say taxing is good. It will not effect the rich, it never has in all the other country's around the world that have these taxes, so and how do you think it will here. Its the lower class that will be hardest hit. If tax is on land they now have to find that extra to get on the ladder. 

 

How many years before this low rate of 0.05% will it take to be 5% plus,,, This rate is just set to get it passed. Years to come is the one's I feel for. Were will this money be spent, on roads, Hold on we already pay tax on fuel for that, Schools, hospital, ect ect, Hold on is that not why we pay VAT. 

Or is this new tax to help pay the bankers more and so Thailand can borrow more, making like Europe and USA  were it can never be payed back.

 

This tax is not good for the Thai people.

 

No tax means no roads no electricity no development no healthcare nothing.. So tax is necessary. Thing is the rich were not taxed now they are and really you are dreaming if you think that this tax will increase to 100 times what it is now. That is totally unrealistic and scaremongering. 

 

If they increase the VAT poor will pay more so that is not a good tax for the poor. I really wonder sometimes about peoples education, I always thought foreigners were well educated but it seems quite a few are not.

 

They need more money for healthcare and the poor.. they already have a shortage of money.. The rich were not paying.. so this is a way to get at them.

 

I think you need to waken up if you think they are going to help the poor.

 

Tax is already on fuel for the roads, Is all this money spent on the roads.

 

No electric, The electric is not FREE,  Doe's every one not have to pay to have this installed and pay each month for what is used.

 

Healthcare, Every one has to pay for treatment here.

 

This new tax will not stop at 0.01% It never has in other country's and will not here. 

 

Taxing home's when we already pay tax when we buy it.

 

The more tax the government's have the more they waste.  

 

Were is all the tax money that has been paid gone. 

 

Maybe its not enough.. they have a deficit. No electric.. who do you think build and controls it. The government if this was a private contractor it would be much more expensive and expansions of the grid are paid by the government.

 

Healthcare.. no its free for Thais 30 bt scheme.. you are looking at this as an expat.. its not about us wake up.

 

I never said it would stop at 0,01 but you were suggesting a 100x increase in a few years.. look who is scaremongering.. You

 

There is a reason why Western countries look much cleaner and roads are better and other things too.. Its because of more tax. If you don't understand the basics then please educate yourself.

 

Tax money went to schooling / healthcare ect. 

 

I don't like taxes anymore as the next person but here the tax base was swinging towards incometax of the middle class and not the rich so this is a step forward as most educated people would say.

[Feesbay John]

 

 

No tax is good,

 

How can anyone say taxing is good. It will not effect the rich, it never has in all the other country's around the world that have these taxes, so and how do you think it will here. Its the lower class that will be hardest hit. If tax is on land they now have to find that extra to get on the ladder. 

 

How many years before this low rate of 0.05% will it take to be 5% plus,,, This rate is just set to get it passed. Years to come is the one's I feel for. Were will this money be spent, on roads, Hold on we already pay tax on fuel for that, Schools, hospital, ect ect, Hold on is that not why we pay VAT. 

Or is this new tax to help pay the bankers more and so Thailand can borrow more, making like Europe and USA  were it can never be payed back.

 

This tax is not good for the Thai people.

 

No tax means no roads no electricity no development no healthcare nothing.. So tax is necessary. Thing is the rich were not taxed now they are and really you are dreaming if you think that this tax will increase to 100 times what it is now. That is totally unrealistic and scaremongering. 

 

If they increase the VAT poor will pay more so that is not a good tax for the poor. I really wonder sometimes about peoples education, I always thought foreigners were well educated but it seems quite a few are not.

 

They need more money for healthcare and the poor.. they already have a shortage of money.. The rich were not paying.. so this is a way to get at them.

 

I think you need to waken up if you think they are going to help the poor.

 

Tax is already on fuel for the roads, Is all this money spent on the roads.

 

No electric, The electric is not FREE,  Doe's every one not have to pay to have this installed and pay each month for what is used.

 

Healthcare, Every one has to pay for treatment here.

 

This new tax will not stop at 0.01% It never has in other country's and will not here. 

 

Taxing home's when we already pay tax when we buy it.

 

The more tax the government's have the more they waste.  

 

Were is all the tax money that has been paid gone. 

 

The rich were not paying.. so this is a way to get at them.

 

The rich will always find away around paying.

If this tax is to get the rich to pay as you are saying, Then why is the tax to be paid on land or home at the value of 1m baht or more. NOW if this was set at 10 or 15m baht then the tax is for the rich to pay. Most homes have a value of 1m baht or more so they are hitting the average Thai not the rich.

Inheritance tax. Again if this is for the rich then this should have a limit on it ( let say any thing over 10m baht ) and this limit should be set at hitting the rich and not the average Thai family. Not that I agree to this inheritance tax as the taxes have or should of been paid in that persons life time and who he gives his money to should not be taxed again.

 

Waken up before Thailand is like the rest of the world and paying taxes to the banker's who make the money up from nothing and charge interest from nothing. 

[robblok]

 

 

 

No tax is good,

 

How can anyone say taxing is good. It will not effect the rich, it never has in all the other country's around the world that have these taxes, so and how do you think it will here. Its the lower class that will be hardest hit. If tax is on land they now have to find that extra to get on the ladder. 

 

How many years before this low rate of 0.05% will it take to be 5% plus,,, This rate is just set to get it passed. Years to come is the one's I feel for. Were will this money be spent, on roads, Hold on we already pay tax on fuel for that, Schools, hospital, ect ect, Hold on is that not why we pay VAT. 

Or is this new tax to help pay the bankers more and so Thailand can borrow more, making like Europe and USA  were it can never be payed back.

 

This tax is not good for the Thai people.

 

No tax means no roads no electricity no development no healthcare nothing.. So tax is necessary. Thing is the rich were not taxed now they are and really you are dreaming if you think that this tax will increase to 100 times what it is now. That is totally unrealistic and scaremongering. 

 

If they increase the VAT poor will pay more so that is not a good tax for the poor. I really wonder sometimes about peoples education, I always thought foreigners were well educated but it seems quite a few are not.

 

They need more money for healthcare and the poor.. they already have a shortage of money.. The rich were not paying.. so this is a way to get at them.

 

I think you need to waken up if you think they are going to help the poor.

 

Tax is already on fuel for the roads, Is all this money spent on the roads.

 

No electric, The electric is not FREE,  Doe's every one not have to pay to have this installed and pay each month for what is used.

 

Healthcare, Every one has to pay for treatment here.

 

This new tax will not stop at 0.01% It never has in other country's and will not here. 

 

Taxing home's when we already pay tax when we buy it.

 

The more tax the government's have the more they waste.  

 

Were is all the tax money that has been paid gone. 

 

The rich were not paying.. so this is a way to get at them.

 

The rich will always find away around paying.

If this tax is to get the rich to pay as you are saying, Then why is the tax to be paid on land or home at the value of 1m baht or more. NOW if this was set at 10 or 15m baht then the tax is for the rich to pay. Most homes have a value of 1m baht or more so they are hitting the average Thai not the rich.

Inheritance tax. Again if this is for the rich then this should have a limit on it ( let say any thing over 10m baht ) and this limit should be set at hitting the rich and not the average Thai family. Not that I agree to this inheritance tax as the taxes have or should of been paid in that persons life time and who he gives his money to should not be taxed again.

 

Waken up before Thailand is like the rest of the world and paying taxes to the banker's who make the money up from nothing and charge interest from nothing. 

 

There is no way to argue with the uneducated. I give up. Though you make one good point the threshold should be higher say 3 million or so. I made the same remark before. But even with this minor fault it still is a giant step forward into taxin the rich.

[Time Traveller]

This is great news. Hopefully it will force land speculators who buy land and then just sit on it for generations to actually do something with it or sell it, rather than waiting 30 years for some fool to come and offer 3x market value.

 

This vacant land tax rate should probably be calculated at 5% inside designated metropolitan boundaries. Hopefully this would create a fluid and realistic property market that reflects true value for the landowner rather than a few rich families owning all the good positions.

Great idea. Bangkok needs less open spaces and more condominiums, shopping malls and office buildings. 

[Time Traveller]

This new law will only effect the middle and lower classes; The largest landholder is exempt from paying taxes anyway.

Edited August 1, 2014 by Time Traveller

[TallGuyJohninBKK]

So they do this big article on the proposal for an inheritance tax, but nowhere in the article does it say just what the rate or rates for it would be -- unlike the real estate and drink taxes, where the details are clearly listed....

 

The inheritance tax would be levied on all domestic assets passed down to descendants such as residences, land, cars, stocks and bonds. But it would not be collected from assets overseas. The ministry declined to disclose details such as progressive tax rates.

 

 

[Feesbay John]

When on has to start calling others ( uneducated ) one has already lost the argument. 

[Feesbay John]

This new law will only effect the middle and lower classes; The largest landholder is exempt from paying taxes anyway.

 

Yes it will as it has in so many other country's.