Thailand’s cabinet approves land tax deductions
A selection of property owners in Thailand will enjoy a deduction of 50-90 per cent under the Land and Building Tax Act, following the approval of a royal decree and two ministerial regulations this week.
A series of land tax deductions will be available to Thai property owners from January 1 following the approval of royal decree and two ministerial regulations earlier this week.
Thailand’s parliamentary cabinet passed the changes to the Land and Building Tax Act on Tuesday, allowing for deductions of up to 90 per cent in some cases.
According to Bangkok Post, Government spokeswoman Narumon Pinyosinwat said a 50 per cent tax deduction will be given to inherited land and buildings and land where a power plant is located.
At a glance:
•Thailand’s parliamentary cabinet has approved a royal decree and two ministerial regulations allowing for land tax deductions under the Land and Building Tax Act.
•The new regulations also grant a 90 per cent tax deduction to land or buildings awaiting sale that belong to specialised financial institutions, people or community banks, asset management companies, as well as land or buildings under construction for residential, industrial factory, condominium, industrial estate, private educational institute and university use.
•A 50 per cent tax deduction will be given to inherited land and buildings and land where a power plant is located.
The deduction also applies to land and buildings related to generating electricity.
In order to be eligible for the deduction, the owner of inherited land and buildings must have his/her name on the house registration document and have registered the property’s rights and legal transactions before March 13, 2019.
The new regulations also grant a 90 per cent tax deduction to land or buildings awaiting sale that belong to specialised financial institutions, people or community banks, asset management companies, as well as land or buildings under construction for residential, industrial factory, condominium, industrial estate, private educational institute and university use.
Government spokeswoman Narumon Pinyosinwat has indicated the 90 per cent tax break for land or buildings awaiting sale belonging to specialised financial institutions, people or community banks, or asset management companies will be awarded for a total of five years starting from the date such assets are listed, and not more than three years for residential and industrial purpose starting from the date the projects receive a land allotment payment.
She added the deductions were to “ease the financial burden” of the public.
Sources: Bangkok Post
