Thai government presses ahead with new land and buildings tax plans.

The Thai government will push for cabinet approval of a new land and buildings tax, according to Finance Minister Korn Chatikavanij.

The new tax is set to impose an annual charge on land assets and property throughout the Kingdom, with local administrations being given the ability to set flexible rates based on individual priorities and needs.

Rates are also expected to vary depending on how the property is utilised, such as whether it is being used for agricultural, residential or commercial activities.

Currently 90 per cent of tax revenues come from income taxes. The Ministry expects the new tax will help to expand the tax base and improve social justice.

SOURCE: Property Report