Free Office Occupancy Cost In Bangkok Essay Sample
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Research held in the Asian countries ranked Bangkok in the 151st position out of 179 countries. Bangkok has occupancy of 694 Baht in a square meter. A look at the Asian economic performance was higher than the anticipation in 3Q 2009. Crucial details showed that the region was experiencing quick recovery.
Latest property analysis shows that office demand has been lessening in the second quarter of 2011, there is a clear indication that the number of existing tenants and the increase in occupancy rates are to increase from 86.5 percent. This is a sure sign that there are cheaper rent charges in the country of Bangkok.
Hedonic models are unreliable in giving results on rent capitalization due to the auto correlation of office rents in Bangkok. Luckily, the use of spatial econometric approach gives reliable yieldson the information required. Distance was also a major factor to be considered and used to define rents in Bangkok at the same time used in coming up with spatial weight matrices was constructed.
Findings according to OLS estimation indicate that from 85 office properties in the country of Bangkok monthly premiums of being closer to a transit station by a kilometer is approximately 19 Baht per a square kilometer and rent elasticity changes with a distance of – 0.06.
Offices in Bangkok pay corporate income tax, Value added tax, specific business tax, withholding tax among other taxes. Corporate income tax is paid by companies or other partnerships. This tax is levied on the net gains of the company in a year but this is met after deductions of depreciation and that allowed spending. Corporate tax is always 30% of total earnings. Companies pay their taxes in two stages after submitting their file interim accounts and interim tax returns.
VAT is paid to cater for services offered by a body registered for value added tax. The employer raises withholding tax through making deductions on an employee’s salary. These deductions are forfeited to the revenue department on a monthly basis. Specific business typessuch as banks and pawn broking do not pay specific business tax.
Transportation costs incurred in Bangkok especially in the city of Thailand are not too exorbitant because of many modes of transport including Tuk-tuks, bicycles and taxies among many others. The cost of living in Bangkok is the cheapest in the western hemisphere. There are two markets in Bangkok i.e. an up market meant for the rich and the growing middle class.
Bangkok is expensive in accommodation since one pays 30,000 to 50,000 in renting a condo. To generalize Bangkok is the economical to live in.