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Thai finance ministry clutches flipside land, house tax bill 

Thai finance ministry clutches flipside land, house tax bill 

BANGKOK:  The finance ministry has clutched back its much criticised land and house taxes bill for more inquiries. Earlier the bill was scheduled to finalise this month the bill to be submitted to the cabinet for consideration. However the bill was held back after the ministry notified the legal affairs divisions of other relevant ministries, Interior and Justice, that it needed to consider the policy aspect of the bill so as to have clear direction to go ahead with the bill.

A source in the ministry said the relevant officials wanted to know exactly if policy makers want the bill to narrow social gaps to fulfill the policy of Prime Minister Gen Prayut Chan-o-cha. But after the initial change of the existing law that will collect taxes from land and house separately, house for living is then subject to taxation. This resulted in another proposal to exempt tax for house which is priced less than one million baht.

The source said the bill is expected to draw stronger opposition from the National Legislative Assembly than the inheritance bill.

Finance Minister Sommai Phasiesrlier said that it was yet to be concluded the minimum value of a house which is to be taxed and the value of the house which will be exempted from taxation. It was proposed that a house plus a land plot on which the house is located which are worth not more than one million baht will n be taxed and the one which is worth between 1-2 million baht will be taxed half of the tax rate whereas the one which is worth more than three million baht will be taxed the full amount of the tax rate.