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

“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.”