Thailand's leading real estate agent

Thailand Land Transfers Surge at Year-End

By on Feb 06, 2015 in Investment-Land

758574The Lands Department reported around 9,500 land transfers worth a total of eight billion baht were processed last quarter. This is because people are looking to avoid paying higher taxes under the Land and Building Tax Act which is now under consideration and the Inheritance Tax Act that passed the first reading by the National Legislative Assembly.

Chusak Srianuchit, chief of real estate business promotion bureau of the Department of Lands, expected the trend to continue throughout this year, particularly in Bangkok where land values are high. “The Land and Building Tax Act and the Inheritance Tax Act will prompt people to sell land plots to the next generation who receive land transfer from their parents will usually sell land, unlike their parents who prefer holding and collecting it.”

Deputy Finance Minister Wisut Srisuphan said the government had already agreed on the framework of the law, but needed to fine tune its details with the expectation that the process would be completed within February.

The land and buildings tax is the second revenue generator after the inheritance tax to be pushed by the government as it tries to reduce economic inequalities.
For the full article click here.

 

No comment





 

emailSubscribe Via Email

Privacy guaranteed. We will not share your information.

Follow Me on Twitter

Follow Me on Facebook

Subscribe via RSS Feed

Copyright © 2020 CBRE (Thailand) Co., Ltd. All Rights Reserved.