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Bangkok Property Tax Figures Finalised

By on Nov 25, 2014 in Property News

Land and buildings valued at more than 1 million baht will be subject to tax, with unused or vacant land to be charged at a progressive rate every three years but not exceeding a maximum level of 4% of the appraised value, according to the draft of the land and buildings tax bill.  The new bill, which is expected to go before the cabinet next January, has set maximum rates at 0.5% for land for agricultural use, not more than 1% for residential use and not more than 4% for land for commercial use, said Kritsada Jinavijarana, director-general of the Fiscal Policy Office (FPO).

The new land assessment value will serve as the base for the land and buildings tax.  The Treasury Department is expected to take about one and a half years to complete the assessment for overall land plots.  The law is expected to take effect sometime in 2016.

He said the recent National Economic and Social Development Board projection of only 1% growth this year did not take into account the government’s budget disbursement acceleration and 40-billion-baht cash handout to rice farmers.

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Nora has been in the Corporate Communications arena for a number of years. Nora's role is to communicate all newsworthy items that are of a PR nature.

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