PROPERTY TAX UPDATE Thai Cabinet Moves Bill Forward
Taking the initiative despite current unrest amongst factions, the Thai Cabinet has given its broad approval to the Finance Ministry's draft but asked that public hearing be held. Two issues at the core which remain highly charged are those of rates for tax and exemptions.
Moving forward back of the hearings will be a review by the Council of State on legal implications and then the law needs to go before Parliament. While the timeline remains a moving target its widely expected that the process remains long meaning 1-2 years for the final law to go into place and then another 1-2 years to see it implemented hence this remains a long term objective.
Fueling the urgency of the bill is the Government's position that the new tax would provide needed revenue to assist those below the poverty line and narrow the gap between the nations rich and poor.