The kingdom’s first property tax will go before a Finance Ministry committee next month in draft form.
The Land and Building tax is being promoted as a means of restructuring taxes and broadening the tax base to help boost revenue and promote fairness throughout the country and all its people.
“We will submit the first draft to the tax reform committee which will hold a meeting in April,” Finance Minister Sommai Phasee said Monday in a Reuters report. “After that we will invite academics, and the people to review it as much as they can.”
After winning cabinet approval, the law would take effect within two years and is expected to add more than THB200 million to the national coffers annually.
A draft version of the law was delayed earlier this month at the request of Gen. Prayuth Chan-ocha, who asked for further study of its details following a wave of criticism by landowners.
Photo: Transformer18
