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Draft of Land and Building Act ready for Cabinet in a fortnight

By on Feb 25, 2015 in Property News

THE FINANCE Ministry will submit for Cabinet consideration the draft of the Land and Building Act, said Finance Minister Sommai Phasee. This will take place in the next fortnight.  The Fiscal Policy Office proposed in the draft that property owners with an appraised property value of no more than Bt2 million may receive a 50% exemption but it must not exceed Bt1 million. The aim is to ease the tax burden on low income earners.

For property developers buying land, the ministry will consider waiving the tax for a maximum of three years pending a project’s development.

The law is expected to come into effect in 2017. This will make the existing House and Building Tax and Local Development Tax Act redundant.

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