Thailand Property Tax Break Extended - Thai Lawyers Explain Advantages to Business

Only two days after the Bangkok Post publicized the end of the property tax breaks, the government backflipped to confirm an extension. The extension is aimed at homeowners, but Thai business lawyers say there is benefit in the breaks for businesses too. BSA Law explains how this Thai law could benefit your business. End Quote

(1888PressRelease) May 05, 2010 - The government has extended the long-running property tax breaks to May 31 this year. BSA Law, a leading Thailand corporate legal service, says there could still be benefits in the breaks for businesses.

The government told the Bangkok Post on March 24th that breaks would definitely end as scheduled, on March 28th. However, the temporary Thai law was later extended to May 31st amidst concerns that 10,000 homebuyers would miss out on the breaks due to a backlog of registrations.

If a business is buying or selling an immovable property, reduced fees apply under the extended Thai law. Up to 100,000 baht on a 5 million baht property could be saved.

Businesses that are looking to sell to overseas buyers are most encouraged to act quickly, as the strong baht is providing disincentives for foreigners to buy into the Thai market.

Apisakde Kongkangwanchoke, senior lawyer at BSA Law, says there are still ways for businesses to benefit. "Businesses are just as likely to be buying a premises as private homeowners, and can still benefit from the reduced mortgage registration and house transfer fees".

"However, the extension is mostly to cope with the backlog of registrations, so we would urge any businesses considering taking advantage of the breaks to contact their Thai corporate legal service immediately, or risk having their application pushed back past the finishing date", Mr Kongkangwanchoke concluded.

There has been some confusion over whether the incentive extension also applies to Specific Business Tax reductions. Mr Kongkangwanchoke said that individual businesses should seek advice from Thailand lawyers for their specific situation.

About BSA Law:

For nearly 30 years, Bamrung Suvicha Apisakdi Law Associates (BSA Law) has focused on providing reliable legal advice and services to the Thai and foreign business community in Thailand. BSA Law seeks to provide international standards of legal services while retaining the customs of the Thai business culture.

For more information please contact:

Jim Byrne
Business Advisor, BSA Law.
Email: jim ( @ ) bsalaw dot co dot th
Website: www.bsalaw.co.th

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