Mentors Posted June 12, 2009 Report Share Posted June 12, 2009 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 Link to comment Share on other sites More sharing options...
Khun_Kong Posted June 12, 2009 Report Share Posted June 12, 2009 "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. Link to comment Share on other sites More sharing options...
CTO Posted June 12, 2009 Report Share Posted June 12, 2009 Good law - seriously doubt those with land will pay it though Link to comment Share on other sites More sharing options...
cavanami Posted June 12, 2009 Report Share Posted June 12, 2009 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? Link to comment Share on other sites More sharing options...
allistar Posted June 12, 2009 Report Share Posted June 12, 2009 Thailand already has a substantial tax owed when the property sells. If the property tax is enacted, I hope the proceeds go to Thai education like it does in the U. S. (strictly wishfull thinking) Link to comment Share on other sites More sharing options...
cavanami Posted June 13, 2009 Report Share Posted June 13, 2009 Great idea, put the money to Thai education, but maybe only a slim chance that will happen... Link to comment Share on other sites More sharing options...
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