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.

Do you like the content of this article?
COMMENT (4)

Cabinet to consider fate of B300 foreign tourist fee

The cabinet is going to decide on whether to start or postpone the 300-baht tourism fee collection from foreign visitors because the Tourism and Sports Ministry insists the project cannot be cancelled as it is an enforceable law.

10:00

Gold to see volatility in short term

Gold prices should remain volatile in the short term amid the strengthening US dollar and rising interest rates.

09:00

David Bowie's handwritten 'Starman' lyrics sell for £203,000

LONDON: David Bowie's original handwritten lyrics for the pop classic "Starman", part of an album that catapulted him to international stardom, on Tuesday sold at auction in Britain £203,500.

08:45