Integrity Legal - Law Firm in Bangkok | Bangkok Lawyer | Legal Services Thailand Back to
Integrity Legal

Legal.co.th - Resources 

Research & gain insights into Thai, American, and International Law.

 

Contact us: +66 2-266 3698

info@integrity-legal.com

ResourcesThailand Real Estate & Property LawConveyancing and Property TransferWill There Be Changes in Real Estate Taxes in Thailand Soon?

Will There Be Changes in Real Estate Taxes in Thailand Soon?

Transcript of the above video:

In this video today at the title suggests we are going to be talking about real estate tax.

A recent article in the Bangkok Post came to my attention; I thought some of it was noteworthy. The article again in the Bangkok Post, the article was posted 29 January 2018, the article’s title was" Agriculture Ministry to Define Farmland Use for Tax", and I am not going to get into the specifics of this Farmland issue but there are some excerpts in here that I think are of note that I am going comment upon with respect to the tax regime here in Thailand. Specific quotes. “The ministry will set the criteria for how many trees or crops are required to be grown in specific space to be considered farmland. The standing committee agreed to slash the exemption ceiling for first homes to Baht 20 million from Baht 50 million as proposed by the Finance Ministry”. This is to me of import. The bill has been stuck in NLA deliberation for months with the waiver at the center of the debate. The standing committee’s proposal has watered down the property tax rates proposed by the finance ministry. The NLA’s proposal calls for a ceiling rate for homes at 0.3% down from the initial 0.5%, an agricultural use rate of 0.15% down from 0.2% and a rate for other uses and undeveloped land at 1.2% down from 2%”. So, the thing I think to take away from this is, this whole line tax proposal has been bandied about and discussed, gone back and forth and we have yet to actually see a promulgated bill. That is not to say, I particularly want it or don't want it; I don't have an actual opinion on this but what I would like the viewer to take away from this video is it remains to be seen whether we are going to see anything enacted with respect to this issue at all. It also remains to be seen exactly what this is going to look like when finally, when it finally comes to pass, if it ever does. So the thing to take away from this video is I don't know if we are going to see changes to the real estate taxing regime here in Thailand anytime soon, but when and if we do we will be doing videos and keep you updated accordingly.