BMA delays new land tax payment till end-October

BMA delays new land tax payment till end-October

The Bangkok Metropolitan Administration (BMA) has extended the deadline for land and building tax payments until Oct 31, said governor Aswin Kwanmuang.

The new land and building tax took effect at the start of this year, and the first collection was initially scheduled to commence in April. However, due to the economic fallout caused by the Covid-19 pandemic, the Interior Ministry decided to delay the tax payments until the end of this month to give taxpayers more time to prepare.

Pol Gen Aswin said the tax payments has been delayed again until Oct 31 due to economic woes caused by the pandemic. He said the BMA sympathises with people still reeling from the crisis, adding some have also been confused about the new tax law.

The BMA's 50 district offices already sent appraisal and tax assessment documents to land and homeowners last month, he said.

Payment can be made at all 50 district offices as well as every Krungthai Bank branch, he said. Owners can also pay the tax via an online banking system to reduce overcrowding at the offices.

Under the new law, owners of residences, farmland, commercial areas and undeveloped land are required to pay the tax. Rates vary, depending on how properties are used.

This is the first time residential property owners are being taxed for their assets, but according to the tax policy, principal homes with appraised prices of up to 50 million baht are exempted from the tax.

Those valued at 50-75 million baht are taxed at 0.03% of the appraisal price, 75-100 million baht at 0.05% and more than 100 million baht at 0.1%. Those who only own houses qualify for a tax exemption for the first 10 million baht of their home's appraisal price.

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