The Thai cabinet is expected to review has passed the draft property taxes bill, with new tax rates and a widened tax exemption ceiling proposed by the Finance Ministry, this month, reports the Bangkok Post.
Under the new proposal, properties would be taxed 0.1 percent (residential), 0.05 percent (agricultural), 0.2 percent (commercial), and 0.5 percent (vacant).
The Thailand real estate lawyers at Chaninat and Leeds have specialized in assisting Thai and international clients with real estate sales and purchases since 1997.
In addition, the ceiling tax waiver was increased to homes appraised up to a value of 1.5 million baht, up from the previously proposed 1 million baht.
According to Thai PBS, the proposed exemption will also take into account properties owned by temples, foundations, the Royal Household and private properties that have been utilized for public use.
The government could collect up to 200 billion baht under the new tax rates, if passed, compared to the 25 billion currently collected.
If the Cabinet approves the bill, it will reportedly take at least 1 – 2 years to bring the taxes into effect, until the Treasury Department completes appraisals of 30 million land plots.
Read the full story here and here.
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