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NEW PROPERTY TAX REFORM Wake Me Up When It's Over

Category: Real estate, Posted:29 Dec 2009 | 06:00 am

Shades of Wham here but in what is no doubt one of the most controversial legislations before the Thai Government looks to be an uphill battle for both approval and then implementation. The Finance Ministry's draft policy has already been submitted and is widely thought to have a chance to pass into law next year.
A ramp up period has been estimated by many to be in excess of 24 months once approval has been granted and implementing guidelines issued. At the heart of the controversy is the tax system which would target large and wealthy landowners of undeveloped land. There remain many issues such as the basis of valuation and appraisals, low income exemptions and agricultural property.
Though the tax will increase collections by billions of baht there continue to be many special interest groups and factions which oppose the draft either in part or principal. This looks set to be an ongoing developing story.

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