Bangkok governor Chadchart Sittipunt is calling on the incoming government to review the new land and building tax rules as Bangkok’s revenues have dropped significantly since the new rates were put in place earlier this year.
Prior to the implementation of the new rates, the Bangkok Metropolitan Administration set the land and building tax rate at 12.5% of the income generated by a plot of land. Under the new rules, however, the tax is calculated based on the value of the plot alone.
As a result, Mr Chadchart said, BMA’s revenues have fallen significantly. For instance, BMA used to collect about 300 million baht from landowners in Phaya Thai district, but since the new rates took effect…
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