Thailand’s proposed land and building tax will not be collected anytime soon, according to Prime Minister Prayut Chan-o-cha, because three more hearings on the law’s draft by the National Legislative Assembly are required. There will also be a long time lag before the taxation takes effect, he added.
According to General Prayut, it may be one or two years before the new taxes are collected. He explained the significant time requirement is due to deliberation into details of prices, urban planning, and other relevant matters. He added that he and state officials would be among those taxed under the new law.
The Prime Minister added the collection of land and building tax is required in order for the state to gain additional income to offset shortfalls in revenue collection from other sources, which were attributable to tax avoidance. He noted that avoided taxes will be recouped at a later time.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
