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9 Million applications to BoI 185% above target
The Board of Investment is confident that
investment this year will easily meet the target of 700 billion baht, based on
application values 185% over the target for the first nine months of the 2005
fiscal year.
BoI secretary-general Sathit Sirirangkamanont said applications from Oct 1 last
year to June 30 this year came from 934 projects worth 548.88 billion baht.
The BoI set an investment target for fiscal 2005 of 700 billion baht with at
least 200,000 jobs created, up from 656 billion baht and 200,000 new jobs last
year.
Mr Sathit said that foreign investments or Thai-foreign joint ventures accounted
for 50-60% of total project values, with Japanese investors topping the list.
The automotive and auto parts sector, particularly Japanese supporting
industries, remains the most active, reflecting the projected increase in local
vehicle output to one million units this year from about 600,000 last year.
In the first six months of this year, investment applications totalled 614
projects worth 277.2 billion baht, an increase of 6.8% in value from the same
period the previous year.
Japanese investors were responsible for 188 projects, followed by European
investors with 86, Singaporeans with 46 and US investors with 28 projects
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Property Investment &
Management
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Thailand Property Tax
Property tax (or tax
relating to real estate transactions), so long as a property is being used for
private residential purpose, do not apply. However, upon ownership transfer,
there are costs.
These fall into four following potential categories:
* transfer fee 2%
* specific business tax 3.3% (If the land's owner transfers within 5 years)
* duty stamp 0.5%
* income tax ( to be withheld at source, the seller of real estate has an
obligation
to pay this tax with a progressive rate as stated by the Revenue Department).
However, If a company or a limited partnership is transferor of the real estate,
it has to pay a withholding tax 1 % of the selling price or estimated price of
the Land Department, whichever higher.
This payment is considered as a tax credit for the company's annual tax filling
.
In practice costs above, except income tax, will be split in some degree between
the buyer and seller, depending on negotiation
Measurement of Land
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Thailand uses the following three major
land measurements:
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1 Tarang Wah
= 4 square meter
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1 Ngan = l00 Tarang Wah
(or 400 square meter)
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1 Rai = 4 Ngan
(or 1,600 square meter)
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Note:
1 Acre = 2.5 Rai (approx.)
1 Hectare = 6.25 Rai (approx.) |
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