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passed! Land Tax Act Effective early in 2020.

21 Nov

The National Assembly (NIA) is considering the bill on land and buildings tax for the second and third days from yesterday. Consider the details of the Section as the Extraordinary Commission (MLA) to consider the draft Land and Building Tax Act. Mr. Visanu Srisuphan, Deputy Minister of Finance, presided over the ceremony.

The meeting voted in each section. In addition, there was a discussion on some issues for 2 hours. 169 unanimous votes to approve the bill. Taxes on land and buildings to be used as legal next. Effective January 1, 2020.

Mr. Visanu Sriphan Deputy Minister of Finance As Chairman of the Extraordinary and Plenipotentiary of the Land and Building Tax Act Thanks to the members who have agreed and reiterated that this draft law will strengthen the economy of the country. And the structure of the property tax system is consistent with the universal. Can fill up the existing tax loopholes. To make use of the land. And local money to spend space. And create good governance.

For draft content There are 12 amendments to the law on land tax and local tax law to be included in a single version in order to be consistent with the current situation.

By collecting taxes and land. The authority of the local administrative organization. According to the tax rates. Land and Housing Tax Board If there is a problem. Or to find advice. The law stipulates that there is a tax and land taxation commission under the Ministry of Finance. As the chairman, the drafting of the law specifies the criteria for imposing taxes on land and buildings.

  1. Agriculture Taxes not exceeding 0.15 percent of the tax base calculated from the appraised value.
  2. Housing tax does not exceed 0.3 percent of the tax base. The draft law defines tax exemptions at 50 million baht without the tax calculation. If you own a home and are registered in the house registration   and exempt the value of the tax base at 10 million in the case of a natural person who owns the building. But not land
  3. Land or buildings of other uses. In addition to agriculture and housing, taxes shall not exceed 1.2 percent.
  4. Vacant land does not exceed 1.2 percent of the tax base. If there is no empty land for three consecutive years, the tax rate 0.3 percent In the fourth year, if the tax rate is not used up, the tax rate will be increased by 0.3 percent every three years, but the tax rate will not exceed 3 percent. No more than 50 million baht

For tax payment Taxpayers are required by May every year. If you do not pay on time, you will be fined 40 percent of the tax due. And if you do not pay the tax due on time, pay anadditional 1 percent per month of unpaid taxes. And the month round is 1 month.

And scheduled for June. Local governments declare tax arrears to land agencies. For non-paying tax on schedule. Payments and fines must be made within 90 days of the notification. However, if such period has expired, taxpayers will not pay the outstanding tax. The law establishes the power of the local executive to issue a written order to seize and auction the property of the taxpayer to pay taxes, pay arrears, penalties, surcharges and other expenses. Without asking the court to order.

However, the draft law also lays down the objections and appellate judgments. To receive complaints from the wrong tax collector.

In addition, the draft law stipulates penalties for non-compliance. Include interruptions of staff involved in the survey. Assess and collect taxes. Both are punishable by imprisonment and fines.

Land and buildings exempted from taxation include:

  • State property or government agencies used in state affairs. Or public affairs Not used to find benefits.
  • Property of the United Nations
  • Property of embassy or consulate
  • Thai Red Cross Society
  • Unused religious property for the benefit.
  • Cemetery
  • Foundation or charitable organization designated by the Minister of Finance.
  • Private land for public use.
  • The central property of the condominium
  • Land, utilities, land law
  • Land for Industrial Estate

In the Transitional Provisions, exceptions are made in the first two years to a lower tax rate than those laid down in the preamble, such as land and buildings used in agriculture. Taxes of 0.01%, land tax of not more than 70 million baht, but not exceeding 100 million baht, tax of 0.03, housing for housing. The rate of 0.03, the value of more than 50 million baht up to 0.01%

There is also a new tax relief that is higher than the amount of tax paid in the year before the imposition of new land and buildings. Taxpayers pay tax on the amount to be paid or paid the previous year.

  • Year 1 paid tax 25% of the remaining tax amount.
  • 2nd year, pay 50% of tax amount left.
  • Year 3 pay taxes 75% of the tax amount left.

Cr. https://www.sanook.com/money/613133/

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