The Thailand 2019 Land and Building Tax Act (LBTA) is receiving a thorough evaluation for its effectiveness and potential issues in enforcement, according to the Fiscal Policy Office director-general, Pornchai Thiraveja.
The investigation is a collaboration between the Finance and Interior ministries and is aimed at understanding the effectiveness of the new land tax collection system, identifying any issues and determining if any amendments need to be made to the LBTA.
Pornchai explained that the law requires a review at least every five years, including public hearings to gather insights and opinions from individuals and companies holding ownership or possessory rights to immovable assets.
Previously, taxes were levied on income generated from renting or leasing property rather than on the property itself, making it more of an income tax than a property tax…
