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Bangkok Industrial – Land Tax to be Eased Further

By on Mar 20, 2015 in Industrial, Property News

The Finance Ministry will tax commercial buildings by size, set a ceiling rate for homeowners and offer tax exemptions for some agricultural land to help taxpayers pay for the imminent land and buildings tax. A ministry source said there will not be one fixed tax rate for all land and buildings but a range of rates and conditions so that the burden will not fall on one particular group of taxpayers.

The ministry will cap the tax ceiling for owners of homes and land so that their tax burden will also have a ceiling. However, in most cases taxes for residences should fall in a range of hundreds or thousands of baht per year, as the ministry will offer a 50% tax cut for the first 1 to 3 million baht of appraised value, said the source. The rest of the assessed value will be taxed at the normal rate.

The tax is expected to take effect in 2017 after the Treasury Department completes appraisals of 30 million plots of land.

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