Effective for the one-year period of 29 March 2008 to 28 March 2009, registrations of property transfers are subject to Specific Business Tax (“SBT”) at the rate of 0.11%, instead of 3.3%.

SBT is a tax that applies to a seller of property upon registration of a transfer at the Lands Department and is payable on the appraised value of the property by the Lands Department or the actual price, whichever is the higher.

Also effective for the one-year period 29 March 2008 to 28 March 2009, a registration of a property transfer is subject to a Transfer Fee of 0.01%, instead of 2.0%.

Transfer Fees are payable by a seller and a buyer of property (50:50 basis) upon registration of transfer of the property at the Land Department and is payable on the appraised value of the Land Department.

The reduced Transfer Fee at the rate of 0.01% of the appraised value of the Land Department applies to land and buildings including houses, townhouses, shop-houses, condominiums, and office buildings.

The information herein was contributed by Steven Herring, an experienced and Senior International Tax Consultant, for RSM Advisory (Thailand) Limited.