Thai Cabinet approves new land and buildings tax bill

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Cabinet approves new land and buildings tax bill



BANGKOK: -- The cabinet on Tuesday approved a new land and buildings tax bill which will replace the Household Tax and Land Act B.E. 2475 and Community Development Tax Act B.E, 2508 as recommended by the Finance Ministry.

The new law means that owners of land for agriculture, housing or for other purposes and buildings or condominium units will be subjected to taxation when the new bill becomes a law.

The highlights of the bill are as follows: houses which are worth more than 50 million baht each will be subjected to 0.05-0.1 percent tax for the amount exceeding 50 million baht; land for agriculture is liable to 0.2 percent and land for housing, not exceeding 0.5 percent.

Unused empty land will be subjected to 1-3 percent tax and the rate will increase every three years; tax exemption for one year for land under construction for the landowner.

Source: http://englishnews.thaipbs.or.th/content/166447


-- Thai PBS 2016-06-08

[shirtless]

This looks like it could increase levies on Condos,

[EricBerg]

Seems they finally found the goose with the golden eggs... They will see the money come pouring in.

PM: "What if we raise taxes for foreign condo owners?" Minister: "By 10%?" PM: "That would be a good start, yes." "Never liked those farangs anyway." "The wife wants a new car."

Edited June 8, 2016 by EricBerg

[timber]

Good to see unused land being taxed.

[Redline]

Good to see unused land being taxed.

Yea, there shouldn't be any open space?

[eggers]

The Phrakhanong District office sent letters to all Condo owners in my Condo, advising for rented Condos/Apartment they were levying Land Tax effective immediately. The rate of tax will be 12.5% of rental income. Jumping the gun with this action + unsure if legally can charge such a tax but claiming is under current Housing & Land Tax Act 1932.

Will have adverse affect on both the rental market & overall property market.

[THAIJAMES]

The Phrakhanong District office sent letters to all Condo owners in my Condo, advising for rented Condos/Apartment they were levying Land Tax effective immediately. The rate of tax will be 12.5% of rental income. Jumping the gun with this action + unsure if legally can charge such a tax but claiming is under current Housing & Land Tax Act 1932.

Will have adverse affect on both the rental market & overall property market.

I think thats only for Condo owners that rent their condo out. Its always been the case

[skildpadden]

Will it make any effect? If I had a property worth 51 million baht would I really care about being taxed 0,1% on the last million baht?

Sadly the link the given does not specify anything regarding condos as that is proabably of interest for the expats.