Email

info@ls-invest.asia

TH: +66 (0) 91 821 5557

US: +1 (702) 512 - 8349

Compare Listings

50-90% Reduction of land and buildings Tax 2020

50-90% Reduction of land and buildings Tax 2020

Journalists “Prachachat Business” reported that the government announced the postponement of tax on land and buildings.

Previously, holders of land and buildings were required to file tax returns within April. Now within August 2020, but the Land and Buildings Tax Act Which is used instead of The House and Land Tax Act 1932 and the Local Maintenance Act 1965 was also watched and criticized for various issues.

Especially the rate that property owners have to pay, for the shopowners in department stores in Bangkok the tax rate has been reduced by up to 90 percent, while the people in possession of property in some areas have to pay 10 times more, as according to the study report Committee on Law (Justice) and Human Rights House of Representatives”.

 

The Department of Local Administration and The Ministry of Interior Affairs has clarified the details of the tax payment which has reduced 50-90%.

The essence of the Royal Decree on Land and Building Tax Reduction B.E. 2020

Property buildings which have a tax reduction of 90 percent:

1. Real estate held for sale (NPA) of financial institutions and a legal asset of the management company (which doesn’t exceed more than 5 years from the date of ownership)

2. Land or buildings which is under the development

  •  Projects for housing or industrial development according to the law for Land Allocation Act (not more than 3 years from the Allocation Permission)
  •  Condominium according to condominium law (not more than 3 years from the date of construction permission)
  •  Industrial estates according to the Industrial Estate Law (not over 3 years since being licensed to establish)

3. Land or buildings that have proceeded under the Land Allocation Law, Condominium Law, Industrial Estate law, but not yet sold (Stock) (no later than 12 March 2021).

4. Land or buildings which are along runway, taxiway or aircraft apron

5. Land or buildings which are the located off roads or elevated expressways/concessions

6. Land or buildings used in the affairs of higher education –  institutions/schools ( Religious teaching / Islamic educational center at the mosque (Tadika) / Pondok).

7.  Land or buildings used as a general public service place specifically for:

  • Playing sports of the type specified by the SAT and registered as an association.
  • Zoos that are permitted under the law of Wildlife Conservation and Protection Law
  • Amusement park that has rides that are licensed under the law governing buildings
  • The parking lot of the Mass Rapid Transit Authority of Thailand provided for electric train passengers
  • Land for public bus parking in the passenger terminal

 

Property buildings which have 50 percent in tax deduction:

1. Land or buildings/apartments which are used as the main house (Registered for inheritance transfer before 13 March 2019)

2. Located near the power plant and related to electricity production

3. Dams and areas related to dams used for electricity generation

 

Via@Knight Frank

img

Sivana Dee

Whether you are a first time buyer or looking to expand your investment portfolio, we are here to service your every need. Allow LS-Invest.ASIA to assist you in creating your new “LifeStyle”. The right time is now to look no further than LS-Invest.ASIA Based in Phuket, our mission is to introduce a fresh outlook on luxury property investment in Thailand with a uniquely international perspective

Related posts

Best Countries To Invest In 2020

As 2020 unfolds, every business mind is boggled by one question “Where to Invest?”. As an...

Continue reading about Best Countries To Invest In 2020
Sivana Dee
by Sivana Dee

Hopes riding high for Phuket Airport to reopen Mid-June

Phuket officials are readying for Phuket International Airport to reopen mid-June, following a...

Continue reading about Hopes riding high for Phuket Airport to reopen Mid-June
Sivana Dee
by Sivana Dee

Thailand’s Central Bank will act to restrain soaring baht

The rapidly strengthening Thai baht is proving a worry for Thailand’s Central Bank, which has...

Continue reading about Thailand’s Central Bank will act to restrain soaring baht
Sivana Dee
by Sivana Dee

Join The Discussion

×

Hello,

thank you for visiting LS-Invest.ASIA! My name is Sanne, how may I help you today?

× How can I help you?