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Thailand Cuts Property Taxes to Ease Pandemic Impact

June 2, 2020, 2:32 PM

Thailand is cutting property taxes for the agricultural, residential, and commercial sectors hit by the coronavirus pandemic.

The Thai cabinet approved the reductions in a draft decree issued Tuesday, according to a statement from the Finance Ministry. The cuts expire at the end of the year.

  • Under current law, waste land or land and buildings used for commercial and industrial purposes with an appraised valued of 5 million baht ($158,000) are taxed at a rate of 0.3%, or 15,000 baht. After the reduction, the tax is reduced to 1,500 baht.
  • Agricultural land with an appraised value of 5 million baht is taxed at the rate of 0.01%, or 500 baht, under current law. The tax will be reduced to 50 baht under the new law.

Check out Bloomberg Tax’s country-by-country roadmaps covering direct and indirect tax developments.

To contact the reporter responsible for this story: Kazuhiko Shimizu in Bangkok at correspondents@bloomberglaw.com

To contact the editors responsible for this story: Meg Shreve at mshreve@bloombergtax.com; Vandana Mathur at vmathur@bloombergtax.com

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