FPO: Prime city plot iffy for farm tax rateAn empty plot of prime Bangkok real estate on Ratchadaphisek Road, recently turned into a lime farm to avoid the highest land and buildings tax bracket, is likely subject to the tax rate for vacant land, says the chief of the Fiscal Policy Office (FPO). That levy jumps to 20 million baht if it is classified as vacant land, said Lavaron Sangsnit, the FPO's director-general. The plot was charged 100,000 baht a year under the house and land tax and the local development tax, which were replaced this year by the land and buildings tax. For vacant land, a tax rate of 0.3% is applied and will increase by 0.3 percentage points every three years, up to a cap of 3%. The land and buildings tax is expected to contribute steadier income to local administrative organisations, he said.

Source: Bangkok Post February 21, 2020 21:56 UTC