Condo Transfer Taxes

[richard_smith237]

I'm a little confused regarding recent changes in Condo Transfer Taxes.

We are selling our Bangkok, Sukhumvit 42, Condo for 5.8 Million Baht.

We purchased the Condo New in October 2009.

Date of Sale - Estimated Jan 2016.

As I understand the Transfer Tax is 2%

However, I've also red that Transfer Tax has recently been reduced to 0.01% to stimulate sales (up until April 2016).

I'm not sure if this reduction is correct.

Acute Realty Tax Calculator shows 0.01%

I understand that Stamp Duty and Withholding tax will also be paid (estimated: 29,000 baht Stamp / 170,000 baht With-holding)

Anyone in the know with up to date information ?

(i.e. information from this month - last years info will be out of date on this matter as somethings have changed)

[dean008]

What you have read re the stimulus corresponds with what I was told by a developer a few weeks ago.

[Langsuan Man]

Here is the most definitive information I have found:

Thailand: Property taxes reduced for home buyersOct. 13, 2015

A potential buyer checks prices of units at a house and condominium fair at Queen Sirikit National Convention Center on Thursday.
The cabinet on Tuesday approved a series of economic measures to revitalise the property sector with low-income earners to benefit most.

The incentives include cuts in the housing transfer fee to 0.01% from 2%, and slashing mortgage fees to 0.01% from 1% from next Monday to the end of April.

Buyers of homes costing less than 3 million baht have an extra incentive as 20% of the price tag will be tax deductible for five years, starting Dec 31.

Deputy Prime Minister Somkid Jatusripitak and Finance Minister Apisak Tantivorawong said the tax reduction was designed to help low-income earners.

Government Housing Bank (GHB) will set aside 10 billion baht in mortgage loans for borrowers refused by other banks until the end of next year. Details will be announced by GHB.

Mr Somkid expected the tax and fee reductions would eat into government revenue by around 15 billion baht a year, but the state will collect more taxes in future after the economy picks up.

source: http://www.2thai.asia/news/thailand-snizheny-nalogi-na-nedvizhomost/

[richard_smith237]

Many thanks...

So it looks as though the potential buyer of my Condo will be saving approximately 115,000 baht in Transfer Taxes...

I'll still have to stump up the Withholding tax and stamp duty though...