Change in tax base

Currently, under Section 49 bis of the Thai Revenue Code, where ownership or the right of possession to immovable property is transferred, the appraised value used for collecting registration fees under the land law on the date of the transfer shall be assessable for personal income tax purposes, regardless of the actual selling price or the market price which the property should fetch in a normal purchase or sale. This appraised value is usually much lower than the actual selling price or the market price of the property.