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Home » News from Thailand » Thailand will levy land tax
Thailand will levy land tax
Thailand is urgently looking for more tax revenue. The ambitious plans of the government in the field of infrastructure simply have to be financed. That is why there is now a land and real estate tax.
The proceeds of the new land tax are estimated at 64 billion baht. Locally levied tax for land will be abolished.
The bill still has to go through a number of advisory bodies, but will go to parliament next month. The tax will be levied from the beginning of 2017.
First homes and farms with an appraisal value of less than 50 million baht are exempt from the tax. Vacant land is taxed the most (5 percent), agricultural land at 0,2 percent, housing at 0,5 percent, and commercial property at 2 percent.
Source: Bangkok Post
Ideal topic for later blogs. No farang who owns land but has a house on it. For heavy discussion.
regarding real estate tax. Does this also apply to condos foreign leasehold located in hotel complexes?
Well,
Can also have its advantages, those half-finished buildings, offices, hotels, so those hideous buildings that are everywhere, are now taxed with 2% or perhaps 5%.
Usually they are owned by a bank, because the builder/developer/swindler saw no point in it anymore and "donated" the building to the bank.
Now the bank will be only too happy to get rid of it and auction the building in question.
Paying tax from 50 million will be 0 Bhat for the common people.
Just like income tax from 1 million is also 0 Bhat.
Groups of Nico
Sorry should be UP TO 1 million of course.
When I look at the tax brackets of Thailand, taxable income is levied from 150.001 (or 190.001 if one is 65 years or older).
So if that is only from 1.000.000 I clearly did not understand at all 🙂
Where do you get that piece of no income tax up to an income of 1 million Baht?
I can't find that.
Only an article that says that the measures will ensure that one million people have to pay less tax.
From here:
Nico says at 12.57
Paying tax from 50 million will be 0 Bhat for the common people.
Just like income tax from 1 million is also 0 Bhat.
That million is wrong. Taxpayer 30 k baht free, partner if no income 30 k baht, pension/work income > 150 k baht, free 40% max 60 k baht, if > 64 or disabled extra free 190 k baht, zero bracket 150 k baht, add up to 460.000 k baht max free of actual pay. I forget: child exemption, child studying, in-laws living at home, building up estate and certain gifts, but most emigrants 'don't do that' or at most a child in the house.
Sorry, this is not correct, here is the tax bracket.
enne who saves 1 million; fewer people pay taxes.
Tax rates in Thailand
Those who earn less than 150.000 Thai Baht are exempt from income tax
From 150.000 to 500.000 Thai Baht the tax rate is 10%
From 500.000 to 1 million Thai Baht, the tax rate is 20%
From 1-4000000 Thai Baht is taxed at 30%
Over 4 million Thai Baht is taxed at 37%
I unraveled the article (too) quickly, because I had to take someone away (who was sighing and moaning)
Are there other tax rates for the elderly > 64 years old or
becomes over the excess of 460.000 Baht exemption (plus any child exemptions):
460.001 – 960.000 (1nd 500.000) 10% tax;
960.001 – 1.460.000 (2nd 500.000) 20% tax;
1.460.001 – 4.460.000 3rd 3.000.000) 30% tax;
> 4.460.001 37% taxed.
greeting
When it comes to a value for first homes of 50.000.000 THB or more, I don't have to worry.
Which foreigner has a house worth 50.000.000 THB? And so why should there be a “heavy” discussion?
I am aware that up to 1Lei (1500m2) no land tax has been paid to date.
Will this exemption remain?
Doesn't the transfer of the local land tax to the central government cause problems?
I suspect that the local authorities will have to be compensated for this or will they now harass the local population even more to compensate for the lost income?