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Bangkok House Market Effected by New Land & Buildings Tax?

By on Apr 19, 2016 in Property News, Residential

c1_920301_160404053555_620x413The Bangkok and Thailand housing market could be put under less pressure by the latest draft bill on the land and buildings tax which could be put on property valued at more than 10 million THB. The higher limit would affect fewer homeowners so the amount of tax revenue raised would be less, but on the other hand it may encourage those opposing the tax to support it.

According to the Finance Minister Apisak Tantivorawong, the ministry will proceed with the levy on land and buildings but the draft bill must be amended especially on the size and price of the land.  “We are trying to make the bill as clear as possible and also cut as much as possible having decisions made at the discretion of officials,” Mr Apisak said.

The Finance Ministry plans to propose drafts of both the land and buildings tax and a new personal income tax structure to the cabinet at the same time to ease public anxiety over the new tax burden, said finance permanent secretary Somchai Suijapongse. The plan is to have both bills approved at the same time so those people worried about the new land and buildings tax will be compensated by the lower personal income tax.

The new bills are planned to come into effect in 2017, once they are approved.

Source: Bangkok Post 4th April 2016.
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Photo credit: bangkokpost.com

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