- JTJB 15th Year of Practice
- Representative office, Regional Office or Branch Office which one is suitable for your business expansion into Thailand
- What to know about Work Permit
- New Trade Competition Act
- Impact on Employment from the Coronavirus (COVID-19)
- New Land and Building Tax of Thailand
- How To Buy Thai Property
- Legal Duties and Liability of Directors
- JTJB BANGKOK INTRODUCES NEW DIRECTOR AND ASSOCIATE
- JTJB – Individual Award Compilation
New Land and Building Tax of Thailand
Who has to pay land and building tax?
Under the new Land and Building Act B.E. 2562 (LBA), any individual and juristic person both Thai and foreigners who have ownership, possessory, or usage rights over land, buildings, houses, apartments and condominium units, as of January 1 of each year, are required to pay land and building tax to the municipal offices. If land and buildings are separately owned by different person, the person having the title over either the land or building is liable for paying land and building for such properties.
LBA will apply to the land, condominiums, apartments, buildings, including houses, or any construction which can be used as a residence or for storage, industrial or commercial purposes. The land and building tax will commence to be collected from 1 January 2020 onward.
The base for calculating the land and building tax is the official assessed price of the land, buildings, or condominium units as determined by the governmental authority for the purpose of collecting registration fees under the current Land Code. In the case where there is no appraised value, the tax base will be calculated in accordance with the criteria, method and conditions as prescribed in Ministerial Regulations.
The actual land and building tax rate that authorities will collect will be announced by royal decree in due course, subject to the fixed maximum rates, exemptions, and transition period rates outlined below
The land and building tax rates shall be specified in a Royal Decree, but shall not exceed the maximum tax rates, which are as follows: