SUNDAY, April 21, 2024
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No more 90% discount on land and building taxes, says finance minister

No more 90% discount on land and building taxes, says finance minister

The government lost 35 billion baht in revenue after giving a 90-per-cent discount on land and building taxes in 2020 and 2021 as a reprieve to people struggling under the fallout of the Covid-19 crisis.

“This lost revenue is a heavy burden and can affect the budget for urban and rural development, including the building of new roads, managing wastewater and improving the environment,” Finance Minister Arkhom Termpittayapaisith said on Friday.

“Since the economy has started recovering from the crisis, investment in the property sector has picked up in big cities like Bangkok, Samut Prakan and Chonburi, which consequently needs funds in urban development to support those investments,” Arkhom said. “This is why the government has decided not to offer the tax discount this year.”

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