Covid Relief Announcement from Thai Government

REDUCTION OF PROPERTY TAX, LAND TRANSFER FEES AND EXTENSION PERSONAL INCOME TAX FILING DEADLINE

28 JANUARY 2021

On 26 January 2021, it was reported that the Meeting of the Cabinet by the Thai Prime has approved the additional Relief Measures for people affected from the Covid-19 pandemic in a form of tax measures or “Tax Packages” in order to ease financial burden on people and businessman as follows.

TAX REDUCTION

  • Personal Income Tax Filing : An extension of the Yearly Personal Income Tax Filing of 2020deadline via internet by 3 months from the end of March 2021 to the end of June 2021;
  • Land and Building Tax : The tax on land and buildings cut by 90% for Year 2021. The 10% tax covers every real estate, whether for the use of residences, farmland, empty land, commercial land, industry and others.
  • Property Transfer : The extension of reduction of transfer fee for property transactions from 2% of assessed prices to 0.01% for residential properties, including condominium units, not exceeding 3 million Baht for supporting the real estate business and people who wish to buy a residence.
  • Mortgage : The fee for property mortgage registration cut from 1% of borrowing to 0.01%. For example, in case of purchasing a house of 3 million Baht, the fees will be reduced from 30,000 ++ Baht to 300 ++ Baht ONLY.

LAND AND BUILDINGS TAXES

Land for Agricultural Purpose : The owner of property who is an individual, the law says for the first three years (2020 – 2022), tax is exempt. For corporate owner, taxes of 0.01% is imposed. With assess value of property of less than THB5m, tax will be 500 Baht.

Land & Buildings for Residential Purpose :

  • ▪  Incaseanindividualowneroftheplotoflandandhouse,whosenameisonthehouse registration book, tax is exempt for the price not exceeding THB50m (of the land and house) and THB10m (of the house, not land).
  • ▪  In case of the owner of the house (Not land) for other houses/condo, if the official assessed value is THB5m , taxes of 0.02% is imposed.Empty Land : (including land for commercial or industrial purpose)

    ▪ With assess value of property of less than THB5m, taxes rates of 0.3% or THB15,000 will be imposed.

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Covid Relief Announcement from Thai Government

1981 Barrister of Law (LL.B) Ramkhamhaeng University

1982 Granted License to practice Law and became Life member of the Law Society of Thailand

1983 Barrister at Law, Thai Bar Association

1990 Diploma of Negotiation and Contract Drafting (Chulalongkorn University)

2003 Diploma of International Taxation (Thai Bar Association)

2003 Notary Public License (Thai Bar Association)

2008 Diploma (Taxation Planning)

1982 - 1985 Practiced Law as Litigation Lawyer (Kingdom of Thailand)

1985 - 1988 Studied English and Business Program (London, U.K.)

1989 - 1990 Employed by ICL International Law Firm, Bangkok

1990 present Founded Law Firm (SIL) and be partnership with an English businessman and a group of Thai Lawyers

2015-2018 Co-Founder and Member of Board of Directors of ARYU Hospital Health Care CO.,Ltd.,
Yangon, Myanmar, a Joint Venture between Gar Mone Pwint CO., Ltd, Myanmar, and stock listed
Thonburi Health Care Group Public CO. ,Ltd., Thailand

Experience
Khun Sutham has broad experience of providing legal advice and services in
Thailand concerning commercial transactions, investments, real estate and dispute resolution
matters for over 20 years. Khun Sutham has particular expertise in the following areas of practice:

  • Domestic & International Tax Consultation
  • Real Estate Transactions ( incl: developers, financiers and contractors)
  • Construction related matters
  • Investment and shareholding related dispute matters involving foreign investors
  • SEC enforcement related matters

DETRY MICHEL

Aalst, June 4th 1955
Belgian
Email: m.detry@sukhothaiinterlaw.com

Professional activities
02/04/2001 Tax Consultant (ITAA number: 50.205.075)

01/09/1985 Chartered Accountant (I.E.C. number: 805.2F.55)

1982 Chartered Accountant to the Courts

Decoration
“Lauréat du Travail”

Others mandates
1994 – 2002 Chartered Accountant as delegate to “Union des Classes Moyennes” (UCM)

1997 Chartered Accountant as delegate to
“Agence locale pour l’emploi (ALE) d’Auderghem”

1998 – 1999 CharteredAccountant as delegate to
“Comité de gestion du Fonds de Garantie de la Région Bruxelloise”

1998 – 2002 CharteredAccountant as delegate to
“Comité de gestion de la Chambre des Métiers et Négoces de Bruxelles et Brabant Wallon”

1999 CharteredAccountant as delegate to “Comité de gestion de Bruxelles Capitale”

2001 – 2009 CharteredAccountant as delegate to “Commission de Discipline à l’I.E.C.”

2010 - 2020 Chartered Accountant as delegate to “Commission de Stage à l’I.E.C”

Curriculum Vitae

Dr. Herbert KUESS
Moos 22 / 6091 Götzens

About Dr. Herbert Kuess:

Senior Partner
Project Financing national (Austria) and international (Myanmar, Thailand, Russia),
Financial and management Advisory

Phone: Tel: +66 (0) 2212 6866-7
Mobile: +43 (0) 664 627 2215
E-Mail: h.kuess@sukhothaiinterlaw.com

Education
Law studies at Leopold-Franzens University, Innsbruck, Austria (Doctor of Laws, 1980)
Certified Accountant (1984)
Authorised for management consultancy including organisation (2003)

Languages
German and English

Practise Areas
Structuring of large scale financing and investments, bank management for corporate customers,
time based commercial management for clients.
Myanmar Specialist with a strong network since 2013

Functions/Member
Managing Director of projects+finance pf management Ltd., Vienna, Austria
(a fomer subsidiary of the largest international Austrian Banking Group Raiffeisen)
since 2003

Managing Director of Aqua Dome Tirol Therme Längenfeld (www.aqua-dome.at ),
a thermal spa and resort in the Tyrol, Austria, since 2014

Head of corporate business in two Austrian Banks (1982 – 2002)

Numerous Board Functions in the Banking, Advisory and Tourism Business since 1990,
also internationally e.g.

Financial Advisor of ECOCOM Group, Austria and Russia (2007 – 2017)

Co-Founder and Member of Board of Directors of ARYU Hospital Health Care CO.,Ltd.,
Yangon, Myanmar, a Joint Venture between Gar Mone Pwint CO., Ltd, Myanmar, and stock listed
Thonburi Health Care Group Public CO. ,Ltd., Thailand (2015 – 2018)

Advisor of Aung Shwe Thee Ltd., Yangon, Myanmar, since 2013

Advisor of Ayeyar Strength CO. ,Ltd, Yangon, Myanmar, since 2013