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  1. #51
    Thailand Expat Pragmatic's Avatar
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    Quote Originally Posted by Albert Shagnasty2017 View Post
    Quote Originally Posted by Luigi
    It's too hard to believe that it would magically round off at exactly 60,000thb.
    Spot on Luigi
    It would acceptable if the maximums or minimums were set at that figure. And in this link http://lawonline.weebly.com/property...x-and-fee.html there are set/fixed pricings in place.
    Last edited by Pragmatic; 24-02-2017 at 06:42 AM.

  2. #52
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    Are there any mathematicians in the house? I consider myself pretty good at math, but I am having a little trouble following that site even though it looks like it gives some good information. Maybe I need to sit in a quiet room for awhile to figure it out.

  3. #53
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    What's their valuation of the land?

    It should be on the receipt.

  4. #54
    Thailand Expat Pragmatic's Avatar
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    ^^
    Like most legislation in Thailand its not there to enlighten you it's there to confuse you. Therefore they can interpret the rules to suit themselves. You have no knowledge as to whether they're right or wrong. Just pay the money and ...............It's what Thais do.

  5. #55
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    Here are the values listed on the land receipt and their locations. I would scan, but don't have a scanner.

    Land assessment value - top right 1,200,000

    First line in box, second column 5.00

    First line in box, 5th column 30,000

    Second line, second column - 24,000

    Fourth line, 5th column - 6,005

    Total of second column - 24,005.00
    Total of fifth column - 36,005

    Grand total- 60,010 baht I was wrong that it was an even 60,000 since I just glanced at the receipt briefly yesterday, so maybe all is accurate.

    My Thai friend will be coming by this evening, so I will ask them to interpret the writing in the columns.

  6. #56
    Thailand Expat Luigi's Avatar
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    That does sound more legit.

    I will cross reference it against mine when I get home and see what it's like.

  7. #57
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    My guess is that once a land value is entered along with a few other informationtional parameters, the computer will calculate monies owed, but that might be too easy. I can't picture someone making individual calculations themselves.

  8. #58
    Thailand Expat Luigi's Avatar
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    The value does sound very exact.

    Exactly 1,200,000thb.

    The valuation used for my condo was x,xx6,000thb.

    So rounded off to the thousandth, where yours seems rounded off to the one hundredth thousanth.


    I don't know what they used to get that amount, or what document they got or get that from.


    Maybe that is normal for land, maybe not.


    Has anybody else bought land and the assessed valuation been rounded off to the hundred thousand mark?

  9. #59
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    Quote Originally Posted by Auroria View Post
    What's their valuation of the land?

    It should be on the receipt.

    The "official" assessed value of said property is akin to make-believe.
    Has no reflective reality as to what someone might offer/pay for it.


    Worth and values markets are discriminatory everywhere.

  10. #60
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by Luigi
    Has anybody else bought land and the assessed valuation been rounded off to the hundred thousand mark?
    Yes. Assessed value comes from province's Treasury Office. Done every few years.

    Quote Originally Posted by rickschoppers
    computer will calculate monies owed
    It does. The 60,010 baht looks about right based on a non business property transfer.

  11. #61
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    Quote Originally Posted by rickschoppers View Post
    Here are the values listed on the land receipt and their locations. I would scan, but don't have a scanner.

    Land assessment value - top right 1,200,000

    First line in box, second column 5.00

    First line in box, 5th column 30,000

    Second line, second column - 24,000

    Fourth line, 5th column - 6,005

    Total of second column - 24,005.00
    Total of fifth column - 36,005

    Grand total- 60,010 baht I was wrong that it was an even 60,000 since I just glanced at the receipt briefly yesterday, so maybe all is accurate.

    My Thai friend will be coming by this evening, so I will ask them to interpret the writing in the columns.
    Rick, you weren't ripped off. You paid exactly what was due.

  12. #62
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  13. #63
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    Nev is there admin fees etc included.?

  14. #64
    Thailand Expat Luigi's Avatar
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    ^^ He paid 10 baht too much bud.


    60,010thb.

  15. #65
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    From the Property Transfer Tax and Fee website:

    In Thailand, the property transfer tax and fee refers to 1. Transfer fee, 2. Specific business tax or stamp duty and 3. Withholding income tax.

    The transfer fee is fixed at the rate of 2% based on the appraised value of the property.
    Quote Originally Posted by rickschoppers View Post
    Second line, second column - 24,000
    24,000 = 2% of assessed value

    Stamp Duty, in the transaction of property sale/transfer the stamp duty is charged only when the seller is not subject to the Specific Business tax at the rate of 0.5% on the higher value between the declared purchase price and the appraised value (Whichever is higher).
    Quote Originally Posted by rickschoppers View Post
    Fourth line, 5th column - 6,005
    0.5% of 1,2000,000 = 6,000 baht. (My guess is the extra 5 baht is for a stamp to stick on the document.)

    Quote Originally Posted by rickschoppers View Post
    the land that we paid 640,000 baht for around 10 years ago.
    The last part is the withholding tax. The land is valued at 1.2 million but the land was held for 10 years so the withholding tax is only at 50% of the land valuation = 50% of 1.2m = 600,000. The 30,000 baht figure is 5% of 600,000 baht. 5% is the tax rate for income not exceeding 100,000 baht (according to the lawonline website linked earlier).

    http://lawonline.weebly.com/property...x-and-fee.html

  16. #66
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    Quote Originally Posted by Luigi View Post
    ^^ He paid 10 baht too much bud.


    60,010thb.
    2 X 5 baht paper stamps.

  17. #67
    Thailand Expat Luigi's Avatar
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    Done.

    And.

    Dusted.




    All hail King Nev.

  18. #68
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    Quote Originally Posted by Neverna View Post
    From the Property Transfer Tax and Fee website:

    In Thailand, the property transfer tax and fee refers to 1. Transfer fee, 2. Specific business tax or stamp duty and 3. Withholding income tax.

    The transfer fee is fixed at the rate of 2% based on the appraised value of the property.
    Quote Originally Posted by rickschoppers View Post
    Second line, second column - 24,000
    24,000 = 2% of assessed value

    Stamp Duty, in the transaction of property sale/transfer the stamp duty is charged only when the seller is not subject to the Specific Business tax at the rate of 0.5% on the higher value between the declared purchase price and the appraised value (Whichever is higher).
    Quote Originally Posted by rickschoppers View Post
    Fourth line, 5th column - 6,005
    0.5% of 1,2000,000 = 6,000 baht. (My guess is the extra 5 baht is for a stamp to stick on the document.)

    Quote Originally Posted by rickschoppers View Post
    the land that we paid 640,000 baht for around 10 years ago.
    The last part is the withholding tax. The land is valued at 1.2 million but the land was held for 10 years so the withholding tax is only at 50% of the land valuation = 50% of 1.2m = 600,000. The 30,000 baht figure is 5% of 600,000 baht. 5% is the tax rate for income not exceeding 100,000 baht (according to the lawonline website linked earlier).

    Property Transfer Tax And Fee - [at]THAILAND LAW ONLINE, THAILAND LAWYER

    Nicely quoted and arranged informatively, Nev.

    Ta..


  19. #69
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    Quote Originally Posted by Chico View Post
    Nev is there admin fees etc included.?
    There appears to be only the transfer fee, stamp duty and withholding income tax - plus 10 baht for paper stamps.

  20. #70
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    And my translation/interpretation of what it is.




    .
    Last edited by Neverna; 25-02-2017 at 12:59 AM. Reason: corrected an error

  21. #71
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    Well done Nevana and that is pretty much the answer my Thai friend gave me this evening. I was getting ready to post the same thing, but you beat me to it. The 30,000 above what I expected to pay was, in fact, the witholding tax you show in your post. Is witholding tax the same as income tax?

  22. #72
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    Might that last ditch attempt at 10,000, (that your wife rightfully fought against and won) been borne of the simple fact that you (a farang) were present?

    IOW, if I were in the same situation, I think I'd send wifey down to the land office solo...or at least with some other family member and not Mr. Moneybags.

  23. #73
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    ^
    Couldn't hick since I had to sign the form denying any future interest in the land.

  24. #74
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    Quote Originally Posted by rickschoppers View Post
    ^
    Couldn't hick since I had to sign the form denying any future interest in the land.

    ????

    So you guys paid for the land without receiving title?...TIT I guess..

  25. #75
    lom
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    Quote Originally Posted by rickschoppers
    Is witholding tax the same as income tax?
    It is income tax on capital gains.
    It is not paid until the land is sold at which time the lump sum for all years is paid.
    Last edited by lom; 25-02-2017 at 07:49 AM.

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