First Draft For New Property Taxes In April 2015

In April 2015, Thailand’s Finance Ministry has announced it will release a first draft of what could be Thailand’s first property taxes. Indeed, according to Finance Minister Sommai Phasee, the proposal will then be submitted for public scrutiny.

The so-called ‘Land & Building Tax’ is expected to considerably boost revenue in the Kingdom as well as promote fairness among its property owners.

In fact, Sommai Phasee explained: “We will submit the first draft to the tax reform committee which will hold a meeting in April. After that we will invite academics, and the people to review it as much as they can. When approved by the cabinet, the draft property tax law is expected to come into force within in two years, and is expected to raise in excess of THB200 billion baht per year.”