The government does not charge annual income tax for owning a property, only occurs upon the sale of the property.
Tax incurred upon the sale of property
This is a rough calculation. Please consult our Legal Department regarding your property in Phuket.
Buyer: Transfer fee =2% of the registered value
Seller: Stamp Duty 0.5% of the registered value, Withholding tax1% of appraised value or registered sale value ( based on the higher figure), Business tax 3.3% of appraised value or registered sale value (based on the higher figure)
Withholding tax calculated using selling price as gross income then deducting expenses to get net income. Then divides the net income with years in possession to get yearly net income. One can use net income per year to calculate taxable income per year. The final step is to multiply tax income per year with years that the property has been in possession to calculate total Withholding tax.