Free Consultant
Thailand’s New Land and Building Tax 2020. What you should know?
1. Owner of a 1st house For land together with house with price not exceeding 50 million Baht do not have to pay tax. During the first 2 years for land together with house with a price exceeding 50 million, have to pay a tax, for a price between 50-75 million, the tax is 0.3%, for a price between 75-100 million, the tax is 0.5% and for a price exceeding 100 million, the tax is 0.10%. After the first 2 years, for land together with a house with a price exceeding 50 million, there is a fixed tax of no more than 0.3%.
2. Owner of a 2nd house (without exemption) During the first 2 years, the tax must be paid in steps according to the price of land and buildings If the 2nd house price is not exceeding 50 million, have to pay a tax of 0.02%, for a price between 50-75 million, the tax is 0.3%, for a price between 75-100 million, the tax is 0.5% and for a price exceeding 100 million, the tax is 0.10%. After the first 2 years, for every 2nd house, there is a fixed tax of no more than 0.3%.
3. Agricultural land (in the case the owner is a person registered as a farmer) For land with price not exceeding 50 million Baht do not have to pay tax. During the first 3 years, for land with a price exceeding 50 million, no tax is required. After the first 3 years, there is a tax of no more than 0.15%.
4. Agriculture land (in the case the owner is a company) Not exempt as for a person, during the first 2 years, the tax is based on the price of the land. After the first 2 years, there is a fixed tax of no more than 0.15%
5. Wasteland During the first 2 years, owners who leave the land fallow have to pay a progressive tax between 0.30%-0.70%, based on the price of the land, after the first 2 years, the tax is 1.2%. However, if the land is left fallow for 3 consecutive years the tax rate increase by 0.3% every 3 years, the maximum tax rate cannot exceed 3%. In summary, starting from August 2020 people who fall within these categories are subject to taxation according to the new Land and Building Tax 2020.
