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noitom, on 2012-02-25 09:43:02, said:
Somewhere along the line a while ago it was reported that the tax base in Thailand was 9 million entities (people and businesses), but that only 2 million actually paid income tax. If true, this has to change. Additionally, there is virtually no real estate tax in Thailand, therefore equity goes in to investment in buildings and residential property, condominiums, etc. , and does not become true "capital investment" without corresponding investment and the will to improve infrastructure ie. cabling for electrical, telco/Internet, road access in Bangkok (a disgrace), water management, enforcement of law, and education.
There needs to be a policy of fair property tax to create a "relative" value that corresponds to investment and therefore motivates property owners to pay or move their capital in to higher yield , growth and funding of entrepreneurial business and not to just let it sit idle in a "lights out" unattended and deteriorating state. A prerequisite would be that society and the community is prepared and educated for this. The Thai "black economy" or unofficial recorded commerce needs to be legalized, integrated, regulated, and promoted properly with investment and management.
Thailand has a last chance to emerge in five to ten years as a true vibrant "developing nation" and could re-attract new capital investment not because of payoffs and under the table circumventions of law, but because they have created true prosperity, efficiency, and value through education, investment, and a philosophy that is a reversal of its current methodology. Thailand doesn't have to continue on a corrupt and oblivious path to being the "sex entertainment" capital of the world with cheap, unskilled, and unregulated factory labor. It can be a winner instead of a kleptocracy.
There needs to be a policy of fair property tax to create a "relative" value that corresponds to investment and therefore motivates property owners to pay or move their capital in to higher yield , growth and funding of entrepreneurial business and not to just let it sit idle in a "lights out" unattended and deteriorating state. A prerequisite would be that society and the community is prepared and educated for this. The Thai "black economy" or unofficial recorded commerce needs to be legalized, integrated, regulated, and promoted properly with investment and management.
Thailand has a last chance to emerge in five to ten years as a true vibrant "developing nation" and could re-attract new capital investment not because of payoffs and under the table circumventions of law, but because they have created true prosperity, efficiency, and value through education, investment, and a philosophy that is a reversal of its current methodology. Thailand doesn't have to continue on a corrupt and oblivious path to being the "sex entertainment" capital of the world with cheap, unskilled, and unregulated factory labor. It can be a winner instead of a kleptocracy.
There may not be a property tax but there is a building tax. I know because I have to pay it every year.
A couple of years ago it was proposed by the Dems that there be an idle land tax where the people that bought land for purely speculation purposes were taxed. What ever happened to that?
I definitely do not want to see a property tax like back home where you do not own your land no matter what the deed says. You just rent it from the government.
I like this part.
" Millions of others manage to avoid paying taxes due to loopholes provided by the system which, for instance, enable some people to transfer billions of baht worth of shares on the stock market without paying a single baht in tax."
