THAILAND LAND TAX UPDATE Draft Law Coming Q1 This Year
A controversial land and building tax initiative is set to go before Thailand's cabinet in the first quarter of this year according to media reports. The asset based tax will see annual assessments on both land and property which will be determined by the local authorities.
There are considerable concerns about the gray area of rates as these appear to be discretionary and somewhat subjective in terms of determining valuations. Large land owners have expressed concern on the impending legislation which has been tabled as a primary objective of the current Democrat Government of Prime Minister Abhisit Vejjajiva.