The Ministry of Finance will not consider reducing the tax on land and buildings in 2022 after two years of tax cuts, as this is a fiscal burden. As a result of a 90% reduction in the land and construction tax in 2020-2021, the government lost ฿30 billion per year, which became a heavy burden.
Arkhom Termpittayapaisith, Minister of Finance, said that the Ministry of Finance would not consider reducing taxes on land and buildings in 2022, as it was in 2020 and 2021, because it hits the country's economy too much. Earlier, when the government announced a 90% reduction in tax rates, the Ministry of Finance had to pay local expenses. Therefore, it was invited not to reduce the tax anymore and return to the legal rate.
Tax rates for 2022-2023:
- Agriculture – 0.02-0.1%;
- Land and buildings owned by individuals – 0.03-0.1%;
- Commercial and industrial use – 0.3-07%;
- Land and buildings that are empty or unused – 0.3-0.7%
Houses and land in private use for no more than ฿50 million are exempt from tax. As for agricultural land for no more than ฿50 million owned by an individual, they are also exempt from taxation.