You arrive in Thailand. You go through passport control, standing in line with a thousand tourists from China and India. Finally, you reach the tired immigration officer. Then — a problem. You already have three 30-day stamps. They refuse to give you another one, despite your return ticket, cash, and even photos of your house …
If the owner personally resides in the property, land and building tax is not payable. However, any second and subsequent properties owned by the same person are automatically considered commercial properties and are not exempt from taxation. Land and a house owned by a foreigner through a company structure, in which the foreigner resides either …
Taxation of Property Used for Commercial Purposes Owners of property used for commercial purposes must pay taxes on the income they receive: Personal income tax must be paid to the tax authority by the end of March of the year following the reporting year, on a progressive scale. Land and building tax is paid to …
Businesses involving foreign investors in Thailand are typically registered as a Limited Company and must have the status of a Thai legal entity. This means that more than 50% of the company’s shares must be held by Thai citizens or Thai companies. Legal Framework This requirement is based on the Foreign Business Act.If 50% or …
In the previous article, we explained what Due Diligence is in the case of purchasing resale property or a land plot.What should you do if you are entering into a contract with a developer at the construction stage, when the apartment exists only in plans, designs, and marketing brochures, and how can you verify the …
Due Diligence: what you pay a lawyer for (continuation). Read More »
Under a gift agreement, the donor transfers property to the donee free of charge, and the donee accepts such property. The following will also be considered a gift. — The donor releases the donee from obligations that the donee owed to the donor.— The donor performs obligations that the donee owed to third parties. A …
The unfamiliar term Due Diligence literally translates as “proper diligence.” In legal practice, it means a set of actions aimed at obtaining comprehensive information about the asset in which you plan to invest money. Do you need Due Diligence services when buying an apartment or a house in Thailand. To answer this question, it is …
Due Diligence: what you pay a lawyer for. Property purchase in Thailand. Read More »
On March 21, 2019, the Law “On Amendments to the Tax Code” (No. 48) came into force, affecting individuals who regularly receive funds into their accounts in Thailand. The new rules apply in the following cases. — When an individual receives funds into their account or makes deposits, if the number of transactions exceeds 3,000 …
Amendments to the Tax Code dated March 21, 2019. Read More »
March is coming to an end, which means the deadline for personal income tax payment in Thailand is approaching. Previously, we explained the progressive tax rates and how tax is calculated for those receiving salaries in Thailand. We remind you that the tax depends on the amount of income. The employer withholds tax from the …
A loan agreement for an amount exceeding 2,000 THB must be concluded in simple written form and signed by two witnesses. The maximum interest rate under a loan agreement is 15 percent. If interest is stipulated but the rate is not specified, a standard rate of 7.5 percent applies. If no interest is stipulated at …
