Thailand’s Finance Ministry has proposed a new tax rate for land and buildings and has widened the ceiling tax waiver in a new effort to ease public concern over the imminent property taxes, reports the Bangkok Post.
The Ministry has proposed a 0.1 percent, 0.05 percent and 0.2 percent tax for residential homeowners, farmers who own agricultural land and landlords for commercial land, respectively. Unutilized or vacant land would be taxed 0.5 percent.
Chaninat and Leeds’ Thailand real estate attorneys have successfully assisted hundreds of Thai and foreign, private and corporate clients with buying and selling real estate in Thailand.
The ministry also widened the ceiling tax waiver amount for residences to 1.5 million baht from earlier proposed 1 million baht.
Finance Minister Sommai Phasee said the proposed property tax bill is scheduled to go before the cabinet this month. If passed, it would not take effect until 2017 at least, due to the amount of time to complete the necessary land and house appraisals.
At the current proposed rates, the new property taxes, if passed, would generate an estimated 200 billion baht in revenue, compared to the 25 billion collected from the current tax, according to the Bangkok Post.
Read the full story here and here.
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