New land and house taxes bill to be finalized this month

Ask here about the pleasures and pitfalls of buying, selling or renting property and real estate in Hua Hin. Building, design and construction topics welcome. Commercial or promotional posts for real estate companies or private properties are forbidden.
Post Reply
User avatar
buksida
Moderator
Moderator
Posts: 22477
Joined: Tue Dec 31, 2002 12:25 pm
Location: south of sanity

New land and house taxes bill to be finalized this month

Post by buksida »

The Finance Ministry is expected to finalize this month the new land and house taxes bill to be submitted to the cabinet for consideration.

Finance Minister Sommai Phasi said that it was yet to be concluded the minimum value of a house which is to be taxed and the value of the house which will be exempted from taxation.

It was proposed that a house plus a land plot on which the house is located which are worth not more than one million baht will not be taxed and the one which is worth between 1-2 million baht will be taxed half of the tax rate whereas the one which is worth more than three million baht will be taxed the full amount of the tax rate.

Three tax rates have been proposed: 0.5 percent for land for farming and for residential purposes but in the initial period land for residential purpose will be taxed just 0.01 percent. The proposed tax rate for land for commercial purpose is 2 percent whereas the tax ceiling of unutilized land is 4 percent.

As for unutilized land, the owners will be given three years to utilize the land failing that they will be taxed at progressive rates.

Finance permanent secretary Mr Rangsan Sriworasart said that Deputy Prime Minister Pridiyathorn Devakula had voiced his support for the idea of imposing taxes on land and houses.

Source: Thai PBS
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
User avatar
PeteC
Moderator
Moderator
Posts: 29924
Joined: Tue Mar 23, 2004 7:58 am
Location: All Blacks training camp

Re: New land and house taxes bill to be finalized this month

Post by PeteC »

Here is the chart of charges that is before the Cabinet at present. If passed, it won't come into force until 2017, and the rates may not be what you see on the chart. You'll need to get your spouse or friend to translate it for you. Pete :cheers:

http://m.posttoday.com/article/351218/6000
Governments are instituted among Men, deriving their just powers from the consent of the governed. Source
User avatar
PeteC
Moderator
Moderator
Posts: 29924
Joined: Tue Mar 23, 2004 7:58 am
Location: All Blacks training camp

Re: New land and house taxes bill to be finalized this month

Post by PeteC »

This idea is DOA. The PM shelved it this afternoon due to bad economy, strain on people's finances and a bunch of other things. I don't think we'll hear about it again for quite a few years. See Bangkok Post tonight for the story as just breaking news a few minutes ago.

However, they need about 200 billion Baht for development so I suspect VAT will be increasing soon. Pete
Governments are instituted among Men, deriving their just powers from the consent of the governed. Source
zeitgeist
Professional
Professional
Posts: 258
Joined: Fri Oct 26, 2012 10:31 pm

Re: New land and house taxes bill to be finalized this month

Post by zeitgeist »

Not surprised, it would probably hit those who were 'considering it' the hardest.
gerryha
Member
Member
Posts: 69
Joined: Wed Mar 20, 2013 11:26 pm

Re: New land and house taxes bill to be finalized this month

Post by gerryha »

Company,set up 2005, owns house, if we sel the co are we fine?
User avatar
buksida
Moderator
Moderator
Posts: 22477
Joined: Tue Dec 31, 2002 12:25 pm
Location: south of sanity

Re: New land and house taxes bill to be finalized this month

Post by buksida »

Prayut holds back controversial land and buildings tax bill
Prime Minister Gen Prayut Chan-ocha has held back the controversial land and buildings tax bill proposed by the Finance Ministry with reason that it is untimely to push it into law under the current economy.

Government spokesman Yonyuth Maiyalarp revealed the decision of the prime minister to put on hold the bill saying the bill won’t be table for cabinet consideration next Tuesday.

He said the prime minister has ordered the Finance Ministry to hold back the bill indefinitely.

The spokesman said that there was no mentioning of timeframe to put the bill on hold while affirming that the decision was not made under pressure by the societies or because the bill received widespread opposition from the public.

He said that the prime minister also advised the Finance Ministry to withdraw its proposed bill for review and to compare it with same tax collection in other countries.

http://englishnews.thaipbs.or.th/prayut ... s-tax-bill
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Post Reply