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Standards of tax and fee collection on resale of houses

 

A suggestion has been given by the association of Real Estate brokers that the standard and the system for the calculation of the fees and taxes of the resold houses should be modified like the system which includes the standard of capital gains and that is in practice all over the world.

Four types of fees and taxes have to be paid by the people selling their homes in the present system operated in Thailand. These different taxes and fees includes stamp duty, two percent transfer fee, income tax that is based on the prices of the sold house and the 3.3 percent of business tax whose basis are also formed by the amount of appraised price.

All these fees and taxes join together and form high amount of cost for the person who is selling his home, yet he buys a new house.

An example of a person is being coated as he sold his house at a price of Bt1.8 billion in this year whereas he bought that house for at a rate of Bt2 billion now if we calculate the fees and taxes he pays for this sold house are as: business tax of about Bt59400, personal income tax amounting to Bt180000, transfer fee equal to Bt36000 and an amount of Bt200 as a stamp duty. Rounding off all these figures shows that the seller lost an amount of about Bt475600.

 

Last modified onThursday, 29 August 2013 21:53

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