Finance permanent secretary Lavaron Sangsnit said the amended version of the land and building tax law will represent a major reform of the country's property tax laws. The land and building tax replaced the house and land tax and the local maintenance tax. These previous property tax laws had several problems, such as excessive discretionary power for tax assessors, multiple tax rates and lack of fairness. Under the new property tax, the store's tax burden dropped to 1.08 million baht, a tenfold decrease, said Mr Chadchart. Mr Lavaron insisted the tax law is modern because it allows local governments to adjust tax rates as appropriate.

Source: Bangkok Post June 13, 2024 12:46 UTC