Household Tax In Thailand

[ashacat]

Hello everyone.

My bro is thinking about buying a condo in Bangkok (despite the gloomy predictions for the local property market...)

Some people have mentioned that if he did go ahead and purchase here, he would have to pay "household tax"

Does anyone know more about this tax? does he have to pay it even if he lives in the property himself? is it payable on condos and houses? I believe that it is 12.5% of the potential annual rental income, is this correct? how is this determined if he lives there himself?

Any help will be greatly appreciated,

Cheers

Edited August 24, 2006 by ashacat

[ashacat]

No ideas?...

[trajan]

I understand that the 12.5% tax is levied by the municipal authorities only on rental income (but in reality lots of peeople dont declare rental income)....

that tax doesnt apply if you are owner-occupying the condo AFAIK....

also you should have your bro put his name in the tabien baan (or household registry book for his condo) because if he sells the condo later (and the right amount of time has passed), he gets a nice discount of the normal taxes levied on transfer of the title deed.....

[tominchaam]

There is no tax for the condominium owner unless he rents the place out. However there is a tax for the juristic person which is likely to be included in the annual maintenance fee.

Edited August 24, 2006 by tominchaam

[ashacat]

Ok thanks for clearing that up.

Cheers