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It will replace the house and land tax and the local development tax, which have drawn criticism for being outdated.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

World Cup heavyweights gear up for quarter-finals

DOHA: Brazil, France and other World Cup heavyweights started the build-up to their quarter-final matches in earnest on Wednesday after Portugal made a huge statement of intent against Switzerland.

7 Dec 2022

Bali bombmaker released on parole from Indonesian prison: official

One of the bombmakers in the Bali blasts that killed more than 200 people two decades ago was released on parole on Wednesday, an Indonesian official said, months after Jakarta reduced his 20-year prison sentence.

7 Dec 2022

Time magazine names Ukraine's Zelensky 'Person of the Year'

NEW YORK: Time magazine named President Volodymyr Zelensky as well as "the spirit of Ukraine" as its 2022 person of the year on Wednesday, for the resistance the country has shown in the face of Russia's invasion.

7 Dec 2022