In an effort to lessen the damage caused by the COVID-19 shutdown, the Thai government has approved a 90% tax cut on land and buildings for 2020.
Prime Minister Prayut Chan-o-cha stated that the tax cut was necessary to ward off the burden that the new land and building tax act passed earlier this year would’ve imposed following the coronavirus outbreak.
The new land and building tax code was set to come into effect in August.
Gen Prayut also said that the government will help municipal and provincial administrations who have a revenue shortfall due to the tax cut.
According to land tax attorneys in Bangkok, those who are set to benefit most from the tax cut are people who own more than one house, corporate-owned farms, owners of vacant land, and owners of commercial property.
Most owners of only a single home were already exempt under the new land tax code as well as individual farm owners for 2020.
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