Thailand’s Treasury Department Eyes Reduction of Land and Building Rental Fees

BANGKOK (NNT) - Thailand’s Treasury Department might consider lowering its land and building rental fees to 25% of its normal rate on a case-by-case basis, with the aim of easing the burden on tenants, given the prolonged COVID-19 pandemic.

Department Director-General Yuttana Yimgarun said many tenants have been suffering from declining revenues since early last year, when the pandemic broke out. The department has already lowered the rental fees by, on a case-by-case basis, or let them postpone fee payments to cushion the impact.

He said, as the pandemic remains an emergency, the department is pondering a further reduction in the rental fees. The fees could be cut to 25% of the normal rate, or even rental waivers are possible for those hardest hit by the pandemic.

Mr Yuttana added that any new measure would for tenants who have never requested a fee reduction. Those already receiving a rental reduction have to wait until next year to apply under a new measure.