New tax looms for some realty - News Summed Up

New tax looms for some realty


FeedbackPublic feedback varied from discussion about tax collection principles to suggestions for a 10-20 per cent range on local development taxes. MOF said that a landowner would sell the land for a higher price and could pay the tax without any impact. The proposed draft bill waives the tax on land used for residential purposes and not sold during implementation of the project. The FPO proposed that the Revenue Department would be responsible for tax collection. Only appraised asset prices would be used for tax calculations as sales prices are difficult to prove, the office said.


Source: The Nation Bangkok November 14, 2017 12:12 UTC


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