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Thailand Property Tax Rethink Scheduled

By on Apr 09, 2015 in Property News

074-land-houseThailand property tax is under review. A controversial draft bill on the land and buildings tax will be reviewed and is expected to take 4 months to complete. During the review Finance Minister Sommai Phasee said the bill will become clearer.

The fear is the tax burden will be too high. Following a public outcry, Prime Minister Prayut Chan-o-cha decided to shelve the tax bill for further review. However, Mr Sommai later said he would continue to push for the tax bill to receive cabinet approval under the present government’s tenure.

The land and buildings tax was a government priority to reduce economic disparity and raise revenue for infrastructure projects. Based on the ministry’s latest proposals, homeowners would be charged 0.1% of the appraised value. Land for agricultural and commercial use would be taxed at 0.05% and 0.2%, respectively. Houses with an appraised value of up to 2 million baht would receive a 75% tax allowance, translating into a 250-baht tax payment for every 1 million.

Residences with an appraised value of 2-4 million baht would receive a 50% tax allowance, with homeowners liable to pay 500 baht for every 1 million on amounts exceeding 2 million but no more than 4 million. For houses with an appraised value of more than 4 million baht, owners must pay 1,000 baht for every 1 million of appraised value for amounts exceeding 4 million.

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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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