Property Tax 2020
Due to the COVID-19 Pandemic, the economic environment is not yet in a “good enough” place to start collecting property tax as planned. Prior to the pandemic, the government has already decided to delay the enforcement from April to August to give local authorities and taxpayers more time to prepare. Recently, the private sectors have urged the government to postpone the new land and building tax for at least a year.
Chairman of the Federation of Thai Industries (FTI), Supant Mongkolsuthree announced that the new tax must be postponed for the sake of the serious impact of the pandemic. Regardless of the new timeline, the impact of the tax collection on property owners will be limited only to certain groups.
Properties less than 50 million baht exempt
The new land and property tax target luxury property owners and individuals who own multiple residential units. The rates vary depending on how the property is used. Residential owners of less than 50 million baht are exempt from the new tax as long as the unit is occupied. Vacant units valued less than or up to 10 million baht are free from the obligation if the owner does not possess more than one unit.
Empty properties valued between 10 and 50 million baht have a land and property tax at 0.02 percent at the minimum. Those who own two or more properties are obliged to be committed to the additional taxes. Any additional property owned by a person valued at THB50 million or below is taxed at 0.02 percent as well.
Asher Property Editor