Tilleke & Gibbins, our corporate member, has shared the article stating that the Royal Decree on Land and Building Tax Reduction (No. 2) B.E. 2564, which we previously noted was under consideration, has been officially promulgated. The royal decree, which was announced and published in Thailand’s Government Gazette on 31 January 2021, and came into effect the following day, will effectively reduce land and building tax payments by 90% in 2021 for the following types of land and buildings:
- Land or buildings used for agricultural purposes;
- Land or buildings used for residential purposes;
- Land or buildings used for other purposes; and
- Vacant or unused land or buildings.
Owners of the above types of land or buildings are therefore only required to pay 10% of the land and building tax normally owed for 2021.
The royal decree follows the Ministry of Interior’s recent announcement of an extension for the payment of land and building tax in 2021, which will now be due by 30 June 2021 (extended from 30 April 2021).
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