Thai Cabinet slashes 2020 property tax by 90%

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The Cabinet today approved a 90 percent reduction in the Land and Building Tax this year to help the general public cope with economic disruption from COVID-19, and prevent potential issues with land and building taxation in the future.

The Cabinet has approved a reduction in Land and Building Tax this year of 90 percent to help ease economic disruption from the COVID-19 pandemic.

Prime Minister and Minister of Defence, Gen Prayut Chan-o-cha has revealed the outcome of the and investment enhancement among other aspects, as the country enters the New Normal.

The Cabinet today approved a 90 percent reduction in the Land and Building Tax this year to help the general public cope with economic disruption from COVID-19, and prevent potential issues with land and building taxation in the future.

The government has pushed back the tax filing deadline to August, and will be holding further discussions with local authorities on local tax collections.

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Meanwhile, schools across the country will open on 1st July, with the Ministry of Education preparing contingency plans in case of emergencies.

On the reopening of schools, the Prime Minister has confirmed the new academic year for schools will start on 1st July this year, and continue until May 2021, with additional classes to be held to make up for lost hours.

Schools may implement online and remote learning, which must be regulated under clear guidelines.

The government has evaluated previous developments to make plans for different scenarios, which include changes to remote classes on TV or online, for primary and junior high school students should the outbreak worsen. Schools can open while the situation remains under control, albeit with strict health and hygiene measures, and contingency plans for cases of emergency.

The government has declared that all Ministry of Education disbursements must cover students and educational staff, and the establishment of a committee taking care of underprivileged or disabled students, who may require financial support.

Residential tax rates

Category of LandLegal Ceiling Rate (%)Appraisal Value (THB)Applicable Rate (%)
Residential0.30 – 50 million
> 50 – 75 million
> 75 – 100 million
> 100 million
0.02
0.03
0.05
0.1

Residential Tax exemptions

Tax exemption for first home buyers for owners of both land and home worth up to THB 50 million and if owner’s name appears on house registration book

Tax exemption for owners of home (not land) worth up to THB 10 million and if owner’s name appears on house registration book

Agricultural land tax rates

Category of LandLegal Ceiling RateAppraisal Value (THB)Applicable Rate (%)
Agricultural0.15 %0 – 75 million
>75 – 100 million
>100 – 500 million
>500 – 1,000 million
> 1,000 million
0.01
0.03
0.05
0.07
0.1

Tax exemption for lands worth up to THB 50 million owned by individuals

In addition, individual owners who use the land, or building, for agricultural purposes will be exempt for the first three years of tax collection under the Act.

Source : https://www.thailand-business-news.com

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