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Thailand's Land and Building Tax: Proposed Reduction and Extension of Payment Deadline

Thailand's Land and Building Tax: Proposed Reduction and Extension of Payment Deadline

A Royal Decree draft has been proposed by the Ministry of Finance to cut land and building tax by 90 percent, including the extension of the payment deadline to June 30, 2021 (extended from April 30, 2021). The land and building tax applies differently if the property is used for residential purpose, agricultural purpose or if it is vacant.

The land and tax buildings tax rate for residential purposes is 0.02%. For instance, if the land appraised value is 5 million Baht, the owner should pay a tax of 1,000 Baht reduced to only 100 Baht if the 90% tax reduction applies.

There is a tax exemption for the primary residence whose whole value does not exceed 50 million Baht. To be eligible, the owner must be a natural person (not a company), reside in and be listed on the house registration book (Tabien Baan or blue book for Thais and yellow book for foreigners).

The land and tax building rate for lands or buildings that are vacant or used for commercial purposes is 0.3%. For instance, if the appraised value of a vacant land is 5 million Baht, the owner should pay a tax of 15,000 Baht reduced to only 1,500 Baht if the tax reduction applies.

Taxpayers should receive the Land and Building Assessment Form by April 30, 2021 (extended from February 28, 2021).

The legal news is prepared by Belaws’ expert lawyers.

www.belaws.com

 

 

 

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