Land and building tax legislation passed by NLA

Land and building tax legislation passed by NLA

Revenue collection under the new land and buiding tax legislation will begin on Jan 1, 2020, after it was passed by the National Legislative Assembly on Friday. (Bangkok Post file photo)
Revenue collection under the new land and buiding tax legislation will begin on Jan 1, 2020, after it was passed by the National Legislative Assembly on Friday. (Bangkok Post file photo)

The National Legislative Assembly (NLA) on Friday passed the long-delayed bill on land and building tax, which will become law after it is published in the Royal Gazette.

The bill cruised through the second and third readings, each by 169-0 votes and three abstentions.

Its final passge ended the long legislative process since it entered the NLA for the first reading in March last year.

Deputy Finance Minister Wisudhi Srisuphan, who chaired the committee vetting the bill, thanked all  legislators for their support and said it will boost the economy and bring the tax structure up to international standard.

On Thursday, he said it would also help boost effective use of land and inject more money into local administrative organisations for local development.

The 94-section bill was deliberated by the NLA on Thursday.

It will replace the house and land tax and the local development tax, which have drawn criticism for being outdated.

Revenue collection under the new legislation will begin on Jan 1, 2020



Do you like the content of this article?
COMMENT (5)

Flood warnings

Storm Noru moving through Isan and into the Central Plains, and expected to cause flooding where heavy rain and runoff arriving from the rain-soaked North converge.

11:40

Coolio dies

Coolio, the American rapper best known for the chart-topping 1995 song "Gangsta's Paradise," has died.

11:32

Bank of Thailand 'ready' to adjust monetary tightening pace

The Bank of Thailand (BoT) is ready to adjust the pace of tightening monetary policy if needed and would be prepared to hold an off-cycle meeting if necessary, the central bank chief said on Thursday.

11:08