Proposed land, building tax draws fire

Proposed land, building tax draws fire

The chamber of commerce, industry and banking representatives have warned that the much-awaited Land and Buildings Tax Bill could inflict an annual 50-100-billion-baht tax burden on the national economy and lead to ambiguities associated with its interpretation.

National Legislative Assembly president Pornphet Wichitcholchai Thursday received a letter signed by representatives of the Thai Chamber of Commerce, the Bankers' Association and the Federation of Thai Industries, offering views and suggestions on the bill.

The letter said the bill was still not clear enough and could lead to differing interpretations as it deals with many different types of businesses.

Tax collection must be reasonable and accepted by people and businesses, the letter said, adding that since the bill would affect people in many segments, they should be allowed to give their views in line with Section 77 of the 2017 constitution.

The high ceiling on tax rates would affect investments, the private sector representatives warned.

They added the bill would increase the burden on taxpayers, land tenants, small and large enterprises by 50-100 billion baht a year and affect the country's economic growth, which could drop by 0.3-0.7% per year as a consequence.

They proposed that a working group comprising representatives from the private sector be set up to provide input on the bill.

Mr Pornphet said he would forward some suggestions to the NLA's standing committee on the land and buildings tax legislation.

Do you like the content of this article?
COMMENT (1)

TAT, Dasta partner to help communities

Two state tourism agencies formed a partnership to develop and promote community-based tourism (CBT) destinations.

07:31

Growing security threats

Top Asean defence officials and their eight dialogue partners have warned of growing and expanding security threats and challenges in the region.

07:20

Cops ready security for Pope Francis

City police are gearing up to facilitate traffic and provide security during Pope Francis's visit which begins tomorrow, according to deputy chief of city police Pol Maj Gen Jirasan Kaewsaeng-ek.

07:11