Thailand investors to receive taxation boost
HM Revenue & Customs (HMRC) announces a new Double Taxation Treaty (DTT) with Thailand to commence on March 31st 2009. Thailand along with The Netherlands, Libya and Ethiopia will become the latest countries to sign up to British bilateral taxation conventions, with the British Taxation Department in talks with several other countries for 2010.
DTT’s aim is to eliminate the need for British investors to incur the double taxation of income and capital gains arising in one country and paid to residents of another.
The new taxation treaty will help provide investors with a certain element of certainty and a good deal more stability in their tax affairs.
The news is particularly good for international second home property developers and their clients, as once these new agreements are in place investors will be able to sell their property in one country and repatriate the profits to their home nation, whilst not having to pay any more that the maximum amount of capital gains tax in any one of the countries.
With investment in Thailand more popular than ever this should come as great news for those looking to purchase one of the spectacular properties being constructed in and around the beautiful island of Phuket.
Emerging market specialist, Experience International, is marketing the Oxygen Bay resort in Bangtao, Phuket which is due to begin construction in November 2008 and completion in January 2010.
The 3 and 4 bedroom duplex apartments created by award winning developers utilising the best of a unique mix of western technologies and contemporary Asian design and boasting a prime beach front location Oxygen Bay are sure to be a big hit with investors. Situated only 25 minutes from Phuket Airport these properties stand in a fantastic location for holiday makers.
With Thailand’s popularity with British travellers and investors, it seems safe to assume that the recent Double Taxation Treaty news from HMRC will only serve to further boost British interest in the area.
For more information visit www.experience-international.com or call 0800 612 0901. Prices for properties at the Oxygen Bay resort start at £178,500 / THB 11,887,771.