NLA Debates New Land and Building Tax

by admin on October 15, 2017


According to Bangkok Post, the National Legislative Assembly (NLA) is currently vetting a draft bill on land and building tax.

Owners of first homes and farmland valued at 50-100 million baht will be subject to the tax, which is at a rate of 0.05%. For homes above 1 million baht, the tax will increase to 1.0%.

It has been reported that the new law will also include a lowered exemption limit for first homes, cutting it from 50 million to 20 million. According to Finance Minister Wishudi Srisuphan, this will mean that the number of residences subject to the land and buildings tax will triple.

The bill was approved by the cabinet in March after much debate over the waiver level.

The new tax will replace the current house and land tax as well as the local development tax, which critics have called “outdated”. It is intended to improve land use, narrow income disparity and expand the national base of taxpayers.

The bill is set to be finalized later this month, and will come into force in Janury2019.

Read the full story here

Foreigners looking to buy property in Thailand should seek legal assistance from experienced real estate attorneys in Bangkok

Related Articles: Second Home and Building Taxes Tweaked

Image: GotCredit

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