The appraisal value of land will vary depending on locations and will be used to calculate the land and buildings tax, which is expected to be enforced next year. The land and buildings tax, which will replace the outdated house and land tax and the local development tax, is aimed at narrowing income disparity, expanding the national taxpayer base, increasing tax income for local administrations and improving land use across the country. Assessment is expected to be finished by year-end, at which point the Treasury Department wants to form a national land price database linked to the Land Department's database. The official appraisal price is typically set below the market price to reduce disputes with taxpayers, said Mr Chakkrit. Issara Boonyoung, honorary president of the Housing Business Association, agreed with the government's decision to tax land based on location, and a flat rate for buildings.

Source: Bangkok Post April 09, 2017 23:48 UTC