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.