90% cut on land, building taxes - News Summed Up
90% cut on land, building taxes

90% cut on land, building taxes

June 02, 2020 10:09 UTC

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90% cut on land, building taxes


90% cut on land, building taxes(Bangkok Post file photo)The cabinet has approved the cut of the tax on land and buildings by 90% of the amount due for the rest of this year to relieve people's burden, Prime Minister Prayut Chan-o-cha said. If the new rates under the new land and building tax act were imposed, people's problems would worsen from the sufferings they already had, he said. The government would help local administrative organisations, which will rely on the collection of land and building taxes for their own expenses, Gen Prayut said. Under the existing law, first-home owners are already tax-exempted for the value of land and buildings up to 50 million baht, and 10 million baht if they only own the structures but not the land. Vacant land or commercial/industrial land and buildings with the appraised value of 5 million baht will be taxed 0.3% or 15,000 baht under the existing law.


Source: Bangkok Post June 02, 2020 10:09 UTC



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