The existing property-related taxes in the country should undergo a thorough revamp to help alleviate the burden on the public after the implementation of the new land and building tax, according to Klaew Thongsom, head of the Treasury Department’s property valuation bureau. At present, property buyers and sellers are liable to pay five different types of taxes, including stamp taxes, income taxes, specific business taxes, municipality taxes, and transfer taxes.
The forthcoming land and building tax, anticipated to be approved by the cabinet in the next few months, will introduce a new annual tax for property owners. The revenue generated from this tax will be directed to local administrations.
As the new land and building tax comes into effect, it is essential to review and update the existing property-related taxes to ensure that they are in line with the new law. By doing so, the government can ensure that the tax burden on property owners and investors is fair and reasonable, paving the way for a more transparent and efficient real estate market in the country.
