TO DISCUSS YOUR PROJECT OR LEARN MORE ABOUT OUR SERVICES:

  • This field is for validation purposes and should be left unchanged.

DOUBLE VISION New Phuket Land Tax Increase Hoopla

Category: Real estate, Posted:30 Jan 2012 | 06:00 am

In a process which is undertaken on a cyclical basis,every four years the actual increase is on MAV(minimum assessed value.
minimum assessed values (MAV), not land tax. This is done by Thailand's Treasury Department.
The MAV forms the basis of computing the transfer fee (2%) when land or property is transacted.
Unlike many other countries capital gains is not paid on land transactions but is essentially a transaction tax which includes the 2%, specific business tax 3.3% of the declared value and 1% withholding of the sales price which can be credited back as a tax credit.
Minimum assessed values for land in Thailand are notoriously low and tax exposure on sale comes down to single digits which by international standards is extremely low.
Another practical side is the often practiced under declaration of the declared value of the land which is illegal but often occurs when the two parties wish to minimized tax. This can come back to bite the purchaser though if they wish to list the full asset in their company books and are unable to do so if an wrong declared value is made.
So in a nutshell this is mostly a case of much ado about nothing, and not such big news after all.

Other News

Read more

Phuket’s Massive Bangtao Property Surge Set to Reset Destination

Category: Hotels|Real estate|Tourism, Posted:05 Nov 2023 | 11:08 am Phuket’s once-quiet beachside west coast community of Bangtao is experiencing an unparalleled surge in real estate development. According to new research from C9 Hotelworks, there are currently 7,842 condominium units (click to see upcoming project map). Added to the supply influx are just over 2,400 upscale and luxury homes, which equate to a pipeline of […]
Read more

New C9 Hotelworks Research Report on Hakuba, Japan Tourism and Property Market

Category: Real estate|Tourism, Posted:02 Nov 2023 | 15:19 pm C9 Hotelworks has released an exciting new market research report Habuba Tourism and Property Market Review. Hakuba, renowned for being part of the 1998 Nagano Winter Olympics, has evolved from a seasonal Australian-focused skiing destination into a year-round getaway.   It is located within a three-hour drive from Tokyo. The valley has witnessed increasing development, attracting […]
Read more

Tourism recovery and branded residences top C9 Hotelworks new Niseko market report

Category: Hotels|Tourism, Posted:31 Oct 2023 | 11:29 am C9 Hotelworks new Niseko Tourism and Property Review has just been released and shows a flight to brands. The report highlights that 74% of pipeline projects are branded. In the wake of Niseko’s official border reopening in October 2022, the area has witnessed a substantial influx of visitors, reaching 2.6 million in YTD2023. This represents […]
SiaJai logo

Thailand's Leading Homecare Marketplace