Property-tax review likely to suit new law (Bangkok Post)

Property-tax review likely to suit new law- Existing property-related taxes should be overhauled to help reduce the burden on the public after the new land and building tax is implemented, said Klaew Thongsom, head of the Treasury Department’s property valuation bureau. Property buyers and sellers are now subject to five types of taxes, including stamp taxes, income taxes, specific business taxes, municipality taxes and transfer taxes. The new land and building tax, expected to be approved by the cabinet over the next several months, will impose a new annual tax on property owners with revenues to revert to local administrations.