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.
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.
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.
What's their valuation of the land?
It should be on the receipt.
^^
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.
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.
That does sound more legit.
I will cross reference it against mine when I get home and see what it's like.
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.
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?
Yes. Assessed value comes from province's Treasury Office. Done every few years.Originally Posted by Luigi
It does. The 60,010 baht looks about right based on a non business property transfer.Originally Posted by rickschoppers
Nev is there admin fees etc included.?
^^ He paid 10 baht too much bud.
60,010thb.
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.
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).
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.)
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
Done.
And.
Dusted.
All hail King Nev.
And my translation/interpretation of what it is.
.
Last edited by Neverna; 25-02-2017 at 12:59 AM. Reason: corrected an error
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?
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.
^
Couldn't hick since I had to sign the form denying any future interest in the land.
It is income tax on capital gains.Originally Posted by rickschoppers
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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