Cabinet okays whopping 90% reduction in land, building tax for 2020

By THE NATION

 

 

Govt also pushes back deadline for filing of personal income tax to Aug-end.

 

The Cabinet has approved a 90 per cent reduction in land and building taxes for the year 2020 and a two-month postponement in the deadline for filing personal income tax returns, Prime Minister General Prayut Chan-o-cha said today (June 2).

 

“The move aims to alleviate people’s financial burden due to the Covid-19 situation. The reduction in land and building taxes will be valid for this year only and should not affect the country’s future revenue,” he said.

 

“The Cabinet at a next meeting will discuss measures to help local agencies that will be affected by the lower revenue from taxes,” he added.

 

Furthermore, the Cabinet has agreed to postpone the deadline for filing personal income tax returns for another two months, after it had previously approved a three-month postponement in February, then extending the deadline from March to June. The new deadline is now the end of August.

 

The Land and Building Taxes Act BE 2562 (2019) was enforced for the first time earlier this year. It requires people to pay tax on their land or buildings depending on size and use. Under this law, a maximum 0.15 per cent tax will be collected from land used for agricultural purposes, 0.3 per cent for residential use and 1.2 per cent for commercial and industrial purposes as well as from lands that have been left unused. The maximum limit will be raised by 0.3 per cent every three years but will not exceed 3 per cent.

 

Source: https://www.nationthailand.com/news/30388942

 

-- © Copyright The Nation Thailand 2020-06-02

 

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I'm disappointed.   Where's his hand made mask matching his suit?  

Now I wonder which socio-economic group will be the most affected by this?

 

As a guess it won't be 80% plus of the population. The people who are unemployed and hungry.

15 hours ago, snoop1130 said:

The Cabinet has approved a 90 per cent reduction in land and building taxes for the year 2020 and a two-month postponement in the deadline for filing personal income tax returns, Prime Minister General Prayut Chan-o-cha said today (June 2)

Should help to keep the wealthy happy... but for the out-of-work population not a help at all.

59 minutes ago, hotchilli said:

Should help to keep the wealthy happy... but for the out-of-work population not a help at all.

Exactly! They need to launder there 'extra curricular' readies and with the vast amount of cheap properties flooding the market, why not save on taxes too!! Kerching!!????????????????????????????????

There will be precious left for the needy and the down-and-outs.

They have to protect the only sector of the population that pays any taxes, though how excusing 90% of the taxes is going to help the government is beyond me. I'd imagine that most of the people helped by this don't even need the help. ????

20 hours ago, billd766 said:

Now I wonder which socio-economic group will be the most affected by this?

 

As a guess it won't be 80% plus of the population. The people who are unemployed and hungry.

 

That's a shrewd guess! 

 

But I doubt has high a % as 20% will be affected. Much smaller number!

 

And massively so.

3 hours ago, Baerboxer said:

 

That's a shrewd guess! 

 

But I doubt has high a % as 20% will be affected. Much smaller number!

 

And massively so.

I thought that, but there are quite a few "middle" class business people and some (but not that many) who do pay taxes.