PROPERTY
Delay in proposed land tax allows review
- Published: 13/05/2011 at 08:37 AM
- Newspaper section: Business
The delay in passing the draft Land and Building Tax Act will allow a thorough review of its content before implementation, say real estate experts.
"The draft will affect other laws and regulations such as transfer fee structures. The government may compare it with neighbouring countries' land tax laws," said Issara Boonyoung, president of the Housing Business Association.
The draft will also affect the land allocation law. The draft states public utilities in a housing project will become private assets, which will be taxed. Public utilities, which can account for 35-40% of a project's total area, will become a burden for homeowners if the project is taxed.
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About the author
- Writer: Kanana Katharangsiporn
- Position: Business Reporter
