Thailand's first property tax law is unlikely to come into force by January as scheduled but will be delayed by another year to 2018, according to the finance minister. Under the ministry's bill, properties are divided into four categories: farmland, residential land and houses, commercial land and buildings, and vacant land. The Council of State views that vacant land should not be a separate category of its own. Farmland, as well as residential land and buildings, will get an exemption for the first 50 million baht of value. The law is a combination of the existing building land tax law and the local tax law so local administrations can collect taxes more effectively and use the proceeds for local development.

Source: Bangkok Post November 19, 2016 09:30 UTC