New Thai property tax law

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zeitgeist
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New Thai property tax law

Post by zeitgeist »

A friend of mine recently mentioned something about a new law regarding property tax. I searched online and found reference to a proposed law which hasn't been passed, but this morning looking on facebook there was mention of it being passed and starting on 1st January 2015. Does anyone know anymore?
The site I found with reference seemed to suggest it was land only, or at least mainly targeting land speculation.
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Bristolian
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Re: Property Tax

Post by Bristolian »

This BKK Post report gives some detail/Speculation
http://www.bangkokpost.com/news/politic ... -this-year
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hhfarang
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Re: Property Tax

Post by hhfarang »

It seems it's true... just in time for me as we bought a couple of now empty building lots last year for own use or sale in the future! :(

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zeitgeist
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Re: Property Tax

Post by zeitgeist »

http://www.mcot.net/site/content?id=543 ... DtGjhbNpAE

Sorry I didn't continue with this thread when I found more info, if you read the above it suggests March 2015 will be the start date.

More details;

Unused land/vacant plots - tax rate 2% of value, value is determined by the Treasury Departments valuation.

Residential use - 0.1% of valuation.

Farming - 0.05%

There is a 'commercial use' rate as well but can't remember the details. The above is yearly.

There are lots of details which either haven't been decided or information is not being given eg. unused land is meant to be 'unused' for 3 years before the tax rate is applied, but does the 3 year exemption start from March 2015 or when the current owner took ownership? Who will police this? etc.

I'm trying to get more confirmed details but it seems quite hard to get solid facts.
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buksida
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Re: New Thai property tax law

Post by buksida »

Looks like the tax on land transfers has also been increased. Just returned from the land office and taxes were significantly higher than expected, officers confirmed the increase though did not stipulate how it was calculated.
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