In a bid to prevent speculation on land and to increase tax revenue for the government, the Cabinet on Tuesday will discuss its plan to collect taxes on empty land and buildings, Finance Minister Korn Chatikavanij said Friday.
Thailand’s Ministry of Finance earlier conducted studies and gathered opinions from several sectors before opting to proceed with collecting taxes, Mr Korn said.
If implemented the land tax will help promote justice in society, as taxes collected by the government presently come from personal income, value-added tax and corporate taxes while tax collection from property is still minimal.
Bangkok falls 19 places to 49th most expensive location worldwide
Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. Bangkok has fallen 19 places to 49th, while Hanoi saw a similar drop of 12 places to 81st.
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