Draft of Land and Building Act ready for Cabinet in a fortnight

Sommai said that he had mulled over waiving land and building tax for land and buildings with a combined estimated value not exceeding Bt2 million.
The Fiscal Policy Office proposed in the draft that property owners with an appraised property value of no more than Bt2 million might be given a 50-per-cent excemption but it must not exceed Bt1 million. 0This is aimed to easing the tax burden on low-income earners.
For property developers buying land, the ministry will consider waiving the tax for a maximum of three years pending a project’s development.
Under the bill, land for agricultural purposes will be subject to a maximum 0.5 per cent tax, residential property 1 per cent, commercial property 4 per cent, and idle land no more than 4 per cent.
The law is expected to come into effect in 2017, making the existing House and Building Tax and Local Development Tax Act redundant.