The deadlines are approaching! Therefore, if you are an owner of land or building in Thailand, you must know about the new tax rates and reductions. Although announced in December 2022, many of you might have missed out on the details. Now as the extended deadlines are nearing, we take it our responsibility to update you with the New Property Tax Rates in Thailand.
On December 20, 2022, the Thai cabinet adopted draft legislation that would add 15% more in Land and Building Tax reductions for specific categories of taxable property in 2023 to the existing tax rate reductions. Only the property types listed in the table below will receive further tax breaks when the legislation is put into effect.
So, are you eligible for this 15% tax rate reduction? Let us check it!
Hopefully, this table has helped you check the eligibility of your property for a reduction in tax rates. Note that the rates are subject to variation depending on the type of property. For example, the property tax rates in Thailand will be different in every case of its usage. That is, the rate will be respectively different for agricultural, commercial, industrial, or residential purposes.
There is something more for you!
From the previous statutory date of December 20, 2022, the Thai Ministry of Interior made a notice extending the time for tax assessment notification and tax payment (including scheduled payments) by an additional two months. The table below lists the significant deadline extensions.
Now you have the recent updates on the tax rates and deadlines for lands and buildings in Thailand. You must take note of the following points:
- The assessed value of the land, building, or condominium unit as decided by the government authority serves as the tax base for computing the land and buildings tax.
- Buildings and land without an assessed value must be valued in accordance with the guidelines, requirements, and restrictions outlined in the Thai Ministerial Regulation.
If you want more information on Land & Building or Property Taxes in Thailand, read through our information-rich articles as follows:
- All About Property Tax in Thailand
- Personal Income Tax on Gains from Property
- Corporate Income Tax on Gains from Property
- Property Taxes on Rental Income
You can also refer to the following guides if you are a Foreigners and
- Want to buy Industrial Land in Thailand
- Avail Benefits from the Industrial Estate Authority of Thailand
- Planning to do Off-Plan Condominium Purchase in Thailand
- Seeking to Buy Land in Thailand
Still, if you need live consultation, we are always available for you! Simply email us your requirements at [email protected] and get your solution at the earliest. You may also go on chat with Konrad Legal Company Limited during our office hours from Monday – Friday 9.00 – 18.00 BKK time.
