But the tax overhaul is focused on cutting the top tax bracket for personal income to 35% from 37%, increasing tax allowances and deductions, and slashing the corporate income tax to 20% from 30%. The new property tax, which will replace the outdated house and land tax and the local development tax, is expected to come into force from January 2019. Land windfall taxA bill on land windfall tax is being drafting by the Fiscal Policy Office (FPO) and details have not been finalised yet, Mr Wisudhi said. The main drawback for the land windfall tax is that land value which has recently been inflated by the government's transport infrastructure projects will be taxed. Owners of land near infrastructure projects launched before the law governing land windfall tax takes effect would be exempt from the new tax.

Source: Bangkok Post January 02, 2018 22:30 UTC