Wednesday, August 05, 2020

Properties rented out for residential purposes subject to lower tax rate, ministries confirm

Dec 26. 2019
 Homes or condominium units put up for rent as residential property will not be subject to the higher tax rate applied on rental properties for commercial use but will be charged at the lower tax rate applied to residential properties.
Homes or condominium units put up for rent as residential property will not be subject to the higher tax rate applied on rental properties for commercial use but will be charged at the lower tax rate applied to residential properties.
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By The Nation

The Finance and Interior ministries have agreed to relax tax rules on home and condominiums units rented out by their owners as residential property.

Prasong Poontaneat, permanent secretary of Finance Ministry, yesterday clarified the land and building tax which will be enforced next year.

He said homes or condominium units put up for rent as residential property will not be subject to the higher tax rate applied on rental properties for commercial use but will be charged at the lower tax rate applied to residential properties.

That means the annual tax charge would be just Bt200 per million baht value of the property, not the Bt3,000 rate for commercial use properties. His announcement will be welcomed by Thais who were both confused and worried about the new tax charges to be enforced next year.

Lavaron Sangsnit, director general of the Fiscal Office, added that homes and condominiums rented out via Airbnb.com or registered as homestays will however be subject to commercial rates.

The two ministries will shortly announce the full details of land and building tax collection on these d properties, he added.

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