Land can now be transferred to a company tax-free

[Jonathan Fairfield]

Land can now be transferred to a company tax-free

 

 

If you own land and wish to transfer it to a company to pay for your shares in that company, you now do not have to pay personal income tax on the price of land received, according to a set of new laws – the latest of which was issued earlier this month.

 

The government enacted into law the Notification of the Director General of Revenue No. 5 on June 5, five months after passing Royal Decree No. 630 on Jan. 26 under the Revenue Code.

 

Such a move was designed to exempt from paying income tax, special business tax and stamp duties those people who received income through the transfer of land and buildings to new companies with the intention of holding ordinary shares.

 

Full story: http://www.khaosodenglish.com/opinion/2017/06/30/land-can-now-transferred-company-tax-free/

 

 

-- © Copyright Khaosod English 2017-06-30

[greenchair]

That's very interesting. 

[theguyfromanotherforum]

My god, such a beautiful river. Is it Thames?

 

Anyone care for a swim?

[observer90210]

The next fair move should be to enable farangs to own one deed with the land on which they have built a house.....if not, the expat investements will dwindle fast as fewer farangs now wish to risk the actual leasehold schemes...

Edited June 30, 2017 by observer90210

[janclaes47]

40 minutes ago, greenchair said:

That's very interesting. 

The most interesting is that this does not apply to the average farang company set up solely to own property.

[whatawonderfulday]

5 minutes ago, janclaes47 said:

The most interesting is that this does not apply to the average farang company set up solely to own property.

Of course not - silly .  It is just a recent move for the wealthy Elite to transfer vast tracts of land to a company hence no longer owning that asset ( in theory but of course shareholders could vote later).  Thus the land, irrespective of whether acquired legally or with funny money, can not be taxed on the transaction and additional the asset is held by others.  i.e can not be seized from the individual for whatever reason.  Amassing how the Junta is changing numerous laws to look after its own.