In the last months we heard about the projected Land and Building Tax bill which is now enlisted through the Fiscal Policy Office. In the start of the year the Finance Minister, Korn Chatikavanij provided the ample expected declaration that the government is reconsidering the influence of presenting this tax into Thailand which has been put on hold for the best part of this era.
During this it is projected that it should encountered the diverse responses by means of numerous business parties as well as political community through the richer sectors of society, logically articulating very louder disagreement to institution. But there was a mainstream of consent between the general public that such type of land tax would inspire better delivery of capital. Bill of draft nature also ignited some extensive distress not only from the prosperous property-owners and also from farmers.
Those Farmers who might own an impartially considerable amount of land as well as disturbed to the tax because of the comparatively little profitable value of their assets. This seemed to contain addressed with FPO by means of containing such taxes which are measured on rate of immobile standard with commercial properties that are measured on yearly tax of up to 0.5% of the assessed value though housing properties contain the rate of 0.1% , Agricultures land contain rate of 0.05%. It was also planned that the tax rate will be founded on particular zoning separations which are depending on the level of development on the land.
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