19 Nov 2018
Real Estate and Construction
The draft of the Land and Building Tax Act, B.E….will replace the current local maintenance tax, building and land tax laws once it has been enacted. The new Land and Building Tax Act is intended to enhance the efficiency of tax collection by local administrative organizations in line with the current situation and boost effective use of land over the long term. Tax payers may include land and building owners, plus those who hold and make use of land or buildings owned by the state. It has been assessed that the government will be able to collect more taxes by approximately THB10 billion p.a. over the next four years once the new land and building tax is enforced. On November 16, 2018, the National Legislative Assembly (NLA) passed this long-awaited bill, which will become law after it is published in the Government Gazette. Tax collection shall commence on January 1, 2020. Assets used for agricultural purposes by individuals will be exempted.... Read more
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