Classifieds 50% off, use promo code FBkpkPromo The Phuket News Kata Rocks The Phuket News Outrigger Koh Samui Beach Resort
The Phuket News Business News
The Phuket News Phuket | Thailand | World | Business | Q&A | Weird World XML, RSS, Feed
The Phuket News The Phuket News
The Phuket News

Apisak tries to deflate windfall tax fears

BANGKOK: Enforcement of the land windfall tax will not be a burden on homeowners but it could marginally hurt property developers’ bottom line, Finance Minister Apisak Tantivorawong said this week, whilst scoffing at developers’ claims that the tax would hit homeowners.

land, property, construction, economics,


Bangkok Post

Friday 23 June 2017, 08:57AM


A view of the extension for the Blue Line skytrain (Bang Sue to Tha Phra), which is under construction. Photo: Bangkok Post
A view of the extension for the Blue Line skytrain (Bang Sue to Tha Phra), which is under construction. Photo: Bangkok Post

“Saying that the land windfall tax will take a toll on consumers is just an excuse, as property developers’ net profits will take a hit, but they’ve made large profits [from buying land ahead of construction for government infrastructure projects], so the government should charge some levies. So I’m not listening to developers’ requests,” he said.

Mr Apisak said that property developers always purchase land before transport infrastructure development kicks off, allowing them to reap the rewards from rising land prices.

“When land prices rise, they never give discounts to homebuyers,” he said.

The land windfall tax is undergoing a public hearing, which will be completed on June 28.

Mr Apisak earlier said he wanted a draft bill on the tax to be completed this year.

The Finance Ministry plans to impose the tax at 5% of the inflated value of property between pre-contract signing for infrastructure projects and the date when the contract is signed.

The tax would only be paid upon ownership transfer.

MY STORAGE - Secure, Clean and Cost Effective Self Storage at Jungceylon, Phuket, Thailand

It is a common practice in several countries including the UK, Japan, and Australia that proceeds from the land windfall tax be used to fund new infrastructure projects and Thailand will adopt the same practice, Mr Apisak said.

According to a Fiscal Policy Office study prepared for the public hearing, the land windfall tax will be levied on ownership transfers when transport infrastructure projects are under development.

After those transport projects begin operations, those owning land for residential and agricultural purposes will not be liable to pay the tax, while those who have land for commercial use and whose land value is higher than B50 million will be subject to the levy upon ownership transfer.

Only property developers with a project valued at more than B50 million will be taxed in the event that the land is transferred after the infrastructure-related service is launched.

Owners of land located near infrastructure projects that were launched before the law governing the land windfall tax takes effect will be exempt from the levy.

 

Read original story here

 

 

The Phuket News
The Phuket News
Comment on this story
* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.
Comments Here:
Username:
Password:
E-mail:
Security:
    Forget your password?

peter rawai | 23 June 2017 - 10:21:15

In Australia (WA) there is no capital gains tax on your own residence with up to 4 acres/ 12 rai of land providing you live there and do not rent it out
Ay property bought as a investment attracts capitol gains tax which is based on the improved value of the property/ properties from the date of purchase
So any investment property including investments in infrastructure etc
is taxed on the profit made after costs, which is usually a lot higher than what developers pay in taxes here
The laws may have changed as i am not up to date and no longer own investment properties in Australia, but there is no way they would lower the taxes 

The Phuket News
Matches 1 result(s)
The Phuket News
The Phuket News
The Phuket News
The Phuket News The Phuket News The Phuket News
The Phuket News
Share this
The Phuket News
Have a news tip-off? Click here
The Phuket News
Related stories
The Phuket News
Phuket community

Recent Comments


Canadian expat Muay Thai fighter found dead of suspected hanging in Patong

OzGeoff ... Given the time of the article (Monday 24 July 2017, 05:29PM) and the publishing of the comment (25 July 2017 - 13:08:00) it is safe to say...(Read More)


August 3 set as final deadline for Patong taxis to return parking spaces to public

Paully44...I have comprehended well and replied cogently to your incorrect statements. I am not really concerned about your opinions of me as they are...(Read More)



Canadian expat Muay Thai fighter found dead of suspected hanging in Patong

"* The Phuket News is withholding the man’s identity until it has been confirmed that his next of kin have been notified." Then why pub...(Read More)


August 3 set as final deadline for Patong taxis to return parking spaces to public

Jor 12; for such a "wordly" figure such as yourself how is it you cannot comprehend a simple comment / point of view in direct contrast to y...(Read More)


4.2mn meth tabs, 26kg crystal meth, 40kg ketamine seized

Excellent, if only the traffic police were as good!...(Read More)


Canadian expat Muay Thai fighter found dead of suspected hanging in Patong

Matthew Richardson was a gentleman Canadian who lived and breathed Muaythai, who chose to live and train in a foreign land whose culture and people he...(Read More)


August 3 set as final deadline for Patong taxis to return parking spaces to public

BenPendejo...it's is precisely the point given that you say, "...me shining yet another light on the fact that the BIBs are corrupt to the ...(Read More)


August 3 set as final deadline for Patong taxis to return parking spaces to public

Pauly44...Sympathy? of what exactly? Given that you know nothing about me, I don't know how you arrive at your conclusion that I have "lost t...(Read More)


August 3 set as final deadline for Patong taxis to return parking spaces to public

Pendejo,if someone doesnt complain all the time about the job the "BIBs"are doing or not doing,doesnt mean they agree or holding them in hig...(Read More)

The Phuket News
Bangkok Hospital Phuket
PHUKET NEWS
Phuket
Thailand
World
Business
Q A
Weird World
ARCHIVE
POLL
CURRENCY
WEATHER
PHUKET TIDE TABLE
The Phuket News PHUKET LIFE
Phuket Arts
Phuket Community
Phuket Culture
Phuket Dining
Phuket Education
Phuket Entertainment
Phuket Environment
Phuket Health
Phuket People
Phuket Technology
Phuket Travel
Photo Galleries
COLOURING BOOK
The Phuket News PHUKET SPORT
Phuket
Thailand
World
SURF REPORT
PREDICTIONS
The Phuket News PHUKET CLASSIFIEDS
Phuket Buy and Sell
Phuket Jobs
Phuket Property
Phuket Cars and Boats
Phuket Community
Phuket Services
SEARCH CLASSIFIEDS
POST CLASSIFIED
The Phuket News The Phuket News PHUKET EVENTS
Phuket Event listings
Phuket Event calendar
Buy Tickets
POST EVENT
The Phuket News PHUKET DIRECTORY
Phuket Bars, pubs and clubs
Phuket Hotels and villas
Phuket Restaurants
Phuket Yellow Pages
POST LISTING
The Phuket News BARGAINS
The Phuket News ABOUT US
The Company
Distribution points
Subscribe
Advertise with us
Pay for advert
Contact us
CONTESTS
Content Google Map
Site map
Australian Visa Services
 
Currency - The Phuket News   Weather Report - The Phuket News   Surf Report - The Phuket News
LinkedIn - The Phuket News   Twitter - The Phuket News   YouTube - The Phuket News   Facebook - The Phuket News
Copyright © 2017 Class Act Media. All rights reserved. | Website usage terms and conditions | Privacy and Confidentiality Statement.