Transcript of the above video:

As the title of this video suggests, we are discussing the discontinuation of certain aspects of the Property Tax discount. What are we talking about here? I thought of making this video after reading a recent article from the Bangkok Post, bangkokpost.com, the article is titled: Land and building tax collection to tally 43bn Baht this year. Quoting directly: "The Finance Ministry expects collection of the land and building tax this year to total 43 billion Baht, 8 billion higher than last year as the tax discount is discontinued." 

Yeah, during COVID, they basically created a discount on certain taxes because quite honestly the economy was moribund during that time period; I think it was just sort of deemed fair to discount certain Property Taxes. Bear in mind, Thailand hasn't had a Property Tax for all that long and quite honestly the law that was promulgated to create the Property Tax in my opinion, the way in which it was promulgated, I think poses questions about the legitimacy of how it was promulgated, but let's not get into all of that. Long story short, we are dealing with a regime right now that does impose what we would call a Property Tax in the West. 

Now as we have discussed in other videos, if it's residential property and the value of it is under a certain amount which for most folks living in Thailand their residential, their house, it will be likely under the threshold, they don't have to really pay Property Tax in those scenarios. But again in a commercial sense, yeah generally speaking you are going to be stuck with some Property Taxes. On top of that, we have transfer fees here associated with the conveyancing of property from one person to the other which in effect is a tax in and of itself. 

So for those who are curious about the tax regime here in Thailand as regarding property, there is one but especially when it comes to residential property, effectively those who are in residence here in Thailand, for example a foreigner for example who owns a condo here that they live in, that is effectively going to be exempt from relevant Property Taxes for all practical purposes.