Relaxation on income and property taxes

Relaxation on income and property taxes

Government spokesman Anucha Burapachaisri announces the changes to personal and property taxes, at Government House in Bangkok on Tuesday. (Screenshot)
Government spokesman Anucha Burapachaisri announces the changes to personal and property taxes, at Government House in Bangkok on Tuesday. (Screenshot)

The cabinet on Tuesday extended the deadline for personal income tax reports and cut land and building tax and property transaction fees to help cushion the effect of Covid-19.

Government spokesman Anucha Burapachaisri said the deadline for income tax reports was postponed for three months, from March 31 to June 30.

The tax on land and buildings was cut by 90%, like last year. The reduction covers residences, farmland, commercial land and empty land.

The fee for property transactions was decreased from 2% of assessed prices to 0.01%. The fee for property mortgage registration was cut from 1% of borrowing to 0.01%.

The reduction in tax and property-related fees will cost local administration organisations 41.44 billion baht in lost revenue. The cabinet ordered the Budget Bureau to allocate budgets to make up for the loss, the government spokesman said.

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