The new windfall tax will likely be capped at 5% of the increases in land valuations before and after a state project is built in an area, according to a tax official. The Treasury Department is already responsible for keeping track and setting land valuations all over the country and the valuations are revised every four years. This bill assumes any price increase comes 100% from state projects,” he said. “And now we have in the pipeline the property tax and windfall tax. The government should study the overall picture of the tax burden shouldered by property businesses before the windfall tax is passed.”

Source: Bangkok Post February 19, 2018 12:11 UTC