| In an attempt to bolster the slowing property market the Thai government has imposed a reduction in the fees associated with property sales for a period of one year, effective March 24th, 2008. Specifically, the Land Transfer Fee, the fee for regsitering a mortgage and the Specific Business Tax have all been reduced significantly.
In an attempt to bolster the slowing property market the Thai government has imposed a reduction in the fees associated with property sales for a period of one year, effective March 24th, 2008. Specifically, the Land Transfer Fee, the fee for regsitering a mortgage and the Specific Business Tax have all been reduced significantly.
The fee for registering a mortgage at the land office has been reduced from 1% to 0.01% of the value of the mortgage.
The Specific Business Tax (SBT), which was previously set at 3.3% of the higher of the assessed value or the actual sale price, has now been reduced to 0.01%.
Ironically, this has made the stamp duty, which is set at 0.5% of the assessed value, significantly higher than the Specific Business Tax. For more information on the application of stamp duty versus the Specific Business Tax, please follow this link .
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