Land tax bill approved
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The Cabinet today approved the Land and Buildings Tax bill, which seeks to levy taxes on nationwide plots accordingly to land use purposes.
Under the new law, first home valued below Bt50 million will be waived from tax while the maximum 0.5 per cent rate is applied for the second home.
The maximum 0.2 per cent rate will be levied on agricultural land and 2 per cent on commercial and industrial land.
The 5 per cent rate will be applied to undeveloped land in the first three years and the rate will be doubled if the land remains undeveloped in the following three years.
