Property tax to cabinet next week

The Finance Ministry’s Fiscal Policy Office will propose the property-tax law to the Cabinet again next month, after consideration was postponed this week. The office’s director-general Somchai Sujjapongse, at a seminar organised yesterday by the Thai Real Estate Association, Thai Condominium Association and Business Housing Association, said the law would help boost the income of provincial offices and that they could use it to develop communities. According to the office, the property tax proposed will be divided into three levels. Tax for agricultural land will be no more than 0.05%, that for residences 0.1% and that for commercial land 0.5%. But tax for undeveloped land will be 0.5% for the first year, 1% in the second year and will then be increased by an additional 1% every year. (The Nation)