Foreigners blamed for property tax evasion at Huay Yang

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Foreigners blamed for property tax evasion at Huay Yang

Post by buksida » 05 Apr 2012 10:00

Property firms, foreigners 'dodging buildings tax'
PRACHUAP KHIRI KHAN : Authorities in Thap Sakae district have asked the Revenue Department to help investigate what they suspect to be cases of tax fraud concerning real estate transactions with foreigners.

Thawatchai Daengcham, chairman of tambon Huay Yang administration organisation, yesterday said the local body was losing large amounts of revenue as a result of dishonest real estate developers who enter into transactions with foreigners.

He said several firms had managed to underdeclare land taxes to the local authority by declaring real estate purchases as 30-year leases.

Some companies paid land and building taxes of just 750 baht for luxury beach houses despite the market value being between 7-10 million baht.

Mr Thawatchai said the Tambon Administration Organisation uncovered irregularities involving a real estate firm's purchase of a land plot worth 300,000 baht in the district.

The company applied to the TAO for house registration numbers for eight houses on the plot.

However, the land purchase contract signed on Jan 23 this year stipulated there was no structure on the plot and all land tax was paid.

The TAO had no record of a tax payment being made, he said.

Phakdi Siwapornchai, the provincial revenue official, said yesterday the case was worrying.

He said he will examine real state transactions in Huay Yang and Hua Hin where the real estate industry had experienced robust growth, for any signs of irregularities such as attempted tax dodges.

Source: Bangkok Post

Thought: Looks like someone missed out on their tea money. :roll:

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