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Govt to go ahead with land tax


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A draft bill on land and property tax will be presented to the cabinet for consideration in August, Finance Minister Korn Chatikavanij said on Friday.

 

If approved it would go to the parliament. The govenment would then spend at least one year explaining to the people how the land and property tax would be collected, before it was implemented, he said.

 

Mr Korn said in the principle behind the land and property tax was to encourage people to make the most use of their land.

 

The minister used his own declared assets as an example.

 

He had asked the the Fiscal Policy Office to calculate how much tax he would have to pay on his land if the bill was passed into law.

 

The office told him that he would have to pay 860,000 baht per year. This made him think that he should sell some land which was lying unused.

 

Mr Korn said the government has no plans to propose an inheritance tax at this time.

 

http://www.bangkokpost.com/breakingnews/145920/govt-to-go-ahead-with-land-tax

 

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"The office told him that he would have to pay 860,000 baht per year. This made him think that he should sell some land which was lying unused."

 

THAT is what will make the prices drop. Right now, they can just sit on everything forever, no loss. Next would be to share condo fees between all units- and the developer pays the full price on unsold units. I don't think that this is being done right now. Should reduce the prices.

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Hells Bells! Buying land seems to be a favorite Thai past time and dream of many...now to tax it?

The tee rak has several hundred rai somewhere south of BKK, so she will NOT be pleased!

 

Yes, prices will drop, maybe some land will be taken by the gov for back taxes?

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