Bangkok governor urges land tax review as city revenues plummet

[webfact]

 

Bangkok Governor Chadchart Sittipunt has urged the incoming government to reevaluate the recently implemented land and building tax rules, as the city’s revenues have seen a significant decline since the new rates were introduced earlier this year.

Previously, the Bangkok Metropolitan Administration (BMA) set the land and building tax rate at 12.5% of the income generated by a plot of land. However, under the new rules, the tax is determined based on the plot’s value alone.

 

Chadchart explained that the BMA’s revenues have decreased considerably as a result. For example, the BMA used to collect around 300 million baht from landowners in the Phaya Thai district, but since the new rates were introduced, the amount has dropped to approximately 200 million baht. He said…

“Similarly, the owner of a department store in Phaya Thai district now only pays 1.08 million baht — down from 10.7 million baht. 

 

by Alex Morgan

Top Photo: Buildings in Bangkok, Image via Flickr

 

Full story: https://thethaiger.com/news/business/bangkok-governor-urges-land-tax-review-as-city-revenues-plummet

 

-- © Copyright Thaiger 2023-05-29

 

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[hotchilli]

3 hours ago, webfact said:

Previously, the Bangkok Metropolitan Administration (BMA) set the land and building tax rate at 12.5% of the income generated by a plot of land. However, under the new rules, the tax is determined based on the plot’s value alone

Sounds kinda crazy?

Residential plot paying the same as a commercial building.

[spidermike007]

I wonder if they should get the genius minds who devised this new scheme to work on the discovery of practical nuclear fusion reactors. 

[PETERTHEEATER]

It's a serious matter. Reduced income for the administration pockets.

[Purdey]

It is called a "land and building tax"  not a "profit from business after building tax" . It sounds logical and the BMA was clearly making too much from it before