Land and buildings tax comes into effect next year
A luxury villa in Lamai from Iha.com
The tax rates for second homes and buildings are reported to change from the previous range of 0.03% -0.3% to 0.03%-0.1% of the appraisal price reports Bangkok Post.
Second homes whose appraisal prices are up to 50 million Baht will be charged a 0.03% tax rate while those that exceed 50 million Baht but stay under 100 million will face taxation of 0.05% of the appraisal price.
In order to avoid any indiscretions during real estate transactions, it is advisable to use the services of a reputable Thai real estate lawyer
Homes appraised over 100 million will be subject to 0.1% tax.
These rates may be subject to change by the NLA as it had done so for inheritance and gift tax.
According to Bangkok Post, “The inheritance tax bill initially proposed by the government sought a 10% levy on bequests exceeding 50 million baht. This was altered by the NLA to 5% of the amount above 100 million baht for descendants and 10% for others.”
Read more here
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