No more reduction in land and buildings tax, says Arkhom
Finance Minister Arkhom Termpittayapaisith on Monday ruled out any reduction this year in the land and buildings tax, as relief had already been granted for two years and any further cuts would be a fiscal burden for the government.
He said that a 90 per cent reduction in land and buildings taxes granted in 2020 and 2021 had cost the government about Bt30 billion a year in lost revenue, which is a high burden.
The Finance Ministry has suggested that there be no further tax cuts and the legal rate be restored this year, he said.
The land and buildings tax is collected by the local government organisation. The amount is treated as local revenue, which is reinvested in developing that locality. When the government announced a 90 per cent reduction in the land and buildings tax in June 2020, the Finance Ministry had to find money to compensate local governments for lost revenue.
Previously, the government had postponed the deadline for residents of land and buildings to pay this tax from April to August. The usual tax will now be paid in April, starting 2023.
