Land and property tax reform under consideration. The Ministry of Finance is expected to submit a land and property tax reform proposal to the cabinet before year's end, with the intention to boost tax revenue collection from landowners six- or seven-fold. The draft bill on the new property tax is pending Finance Ministry consideration before seeking approval from the cabinet and the National Legislative Assembly (NLA). Homeowners in cities are subject to the tax payment, but the rate should not be too much of a burden for them. Houses owned by farmers in rural provinces are tax-exempt.
The principle helps to reduce social inequality, distributed land holdings, for revenue and support for resource efficiency. due to
This policy helps to reduce inequality and make people more efficient land resources. It may also help the middle class to reduce their tax burden, such as the stage tax ceilings can be moved from a three million to five million ,and tax from people who accumulate multiple homes and condos.
This policy should be make zoning of land, people who owned an empty land should be taxed at a higher rate. However, it’s important to consider the matter if the land value is not as high as one million baht. It should not be taxed at the same rate as rich people or people who owned a land value of more than one millions baht.That way, it will help the poor or middle-class people, not paying too much. moreover, the income and cost effective and try to maintain the value of land for example improved road because if the local bad management, land prices fall, local have income decreased. because if the local administration, local land prices fall to a reduced income tax