Land tax gets yet another revamp

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buksida
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Land tax gets yet another revamp

Post by buksida » Fri Sep 01, 2017 2:10 pm

The National Legislative Assembly (NLA) is likely to rework a draft bill on the land and building tax after it assigned the Finance Ministry to consider whether taxpayers can afford the new tax bills.

The NLA's subcommittee on the land and buildings tax designated the Finance Ministry to conduct a survey of potential payers for the new property tax to determine the comparative tax burden between the proposed land and buildings tax and the current local development taxes, said Deputy Finance Minister Wisudhi Srisuphan.

Even though the cabinet approved a bill on the land and buildings tax in March, the much awaited bill is still stuck in NLA deliberation as lawmakers have questioned whether a 50-million-baht ceiling for the tax exemption for first homes is too much and should be lowered to widen the number of taxpayers.

NLA members thought the waiver is unfair because those who own more than one residence are subject to the tax even if their homes' combined value is less than the 50-million-baht threshold for the first home. The Finance Ministry has voiced concerns that lowering the tax exemption amount may reignite strong outcry from the public.

Full story: http://property.bangkokpost.com/news/13 ... her-revamp
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