Effective date: Taxes will commence to be collected under the new law from 1 January 2020.
A friend of the girlfriend just gave everyone she knows a heads-up. A land officer paid her a visit today.
The woman owns a large piece of land with a few homes on it which some of her relatives live in. The land officer started asking questions......
Tax rates after 2021 shall be prescribed by Royal Decree. The local authority empowered to collect the tax has the power to impose a higher rate but in any case it shall not exceed the ceiling rates.
Tax exemptions
Tax exemptions are provided in the following cases:
Land and buildings owned by individuals that are used for agricultural purposes shall be exempt from tax until 2022, after which a tax exempt threshold of Baht 50 million shall apply.
A tax exempt threshold of Baht 50 million shall apply to land and buildings owned by individuals that are used as their place of residence, if their names appear in the house registration book on 1 January of the tax year
A tax exempt threshold of Baht 10 million shall apply to buildings owned by individuals, where they are not the land owner, that are used as their place of residence, if their names appear in the house registration book on 1 January of the tax year. By definition this would include a condominium unit.
Transitional relief
In the first three years that the new property tax is collected, if the tax assessed is higher than the tax previously payable under the House and Land Tax Act, the taxpayer shall be liable to pay the house and land tax amount plus a portion of the excess in each year, being 25% in the first year, 50% in the second and 75% in the third year.
The Fiscal Policy Office has issued a summary of the implications of the new law (in Thai language): https://www.bdo.co.th/getattachment/...spx?lang=en-GB
Link: https://www.bdo.co.th/en-gb/insights...aw-in-thailand
A friend of the girlfriend just gave everyone she knows a heads-up. A land officer paid her a visit today.
The woman owns a large piece of land with a few homes on it which some of her relatives live in. The land officer started asking questions......
- From BDO Thailand
Tax rates after 2021 shall be prescribed by Royal Decree. The local authority empowered to collect the tax has the power to impose a higher rate but in any case it shall not exceed the ceiling rates.
Tax exemptions
Tax exemptions are provided in the following cases:
Land and buildings owned by individuals that are used for agricultural purposes shall be exempt from tax until 2022, after which a tax exempt threshold of Baht 50 million shall apply.
A tax exempt threshold of Baht 50 million shall apply to land and buildings owned by individuals that are used as their place of residence, if their names appear in the house registration book on 1 January of the tax year
A tax exempt threshold of Baht 10 million shall apply to buildings owned by individuals, where they are not the land owner, that are used as their place of residence, if their names appear in the house registration book on 1 January of the tax year. By definition this would include a condominium unit.
Transitional relief
In the first three years that the new property tax is collected, if the tax assessed is higher than the tax previously payable under the House and Land Tax Act, the taxpayer shall be liable to pay the house and land tax amount plus a portion of the excess in each year, being 25% in the first year, 50% in the second and 75% in the third year.
The Fiscal Policy Office has issued a summary of the implications of the new law (in Thai language): https://www.bdo.co.th/getattachment/...spx?lang=en-GB
Link: https://www.bdo.co.th/en-gb/insights...aw-in-thailand
- One simple example from Khaosod: http://www.khaosodenglish.com/news/b...edistribution/
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