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November 16! THE NATIONAL ECONOMIC AND SOCIAL POLICY



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Thursday, November 15, 2018, 17.56

November 16! THE NATIONAL ECONOMIC AND SOCIAL POLICY
Deputy Prime Minister Khunying Panich resigned from the cabinet. Land recovery for speculation

On November 15, at 14:30, the National Assembly (ANI) was summoned by the National Assembly. Boon Lerchai Vice President of ANI The first person presides over the meeting. To examine the approval of the Land Taxes and Buildings Act, Mr. Visut Srisuphan, Deputy Minister of Finance, as president of the extraordinary and plenipotentiary of the Land and Construction Tax Law. The bill said. Because there is no adjustment for a long time. Thus, the tax rate should be progressive. Not a regression like in the past. There is no tax base overlaid with income tax. It is necessary to reform the property tax system to modernize as a global incentive for land use. It also helps local people have a sufficient budget for local development.

Mr. Visut said that most farmers will have a lower tax burden compared to the current tax burden in the first three years will be exempt. But large taxpayers in the public sector have a higher tax burden than the current one. And from the first year. People with low incomes and moderate housing only. And worth no more than 50 million baht will not be taxable. However, many of the owners of residential properties will be taxed more. And those who are long-term residents who are now indirect tax payers will benefit from lower taxes. For most small and medium businesses, the tax burden is close to or lower than the current loss. But large enterprises with high value assets. In addition, public service enterprises, such as private education institutions, will be exempted from the tax burden.

Mr. Wisut said that for the desolate land. The tax burden is high. To encourage landowners to use the land. Reduce land storage for speculation. However, it may affect some localities, some land and building tax revenues decreasing compared to the present. But when the value of goods, land and buildings increases in the future. Property will be added to the tax base. And with the increase in taxes in the future.

By 17.45, the NIA meeting reached point 94. Then Mr. Surachai informed the ANI meeting. As the agenda resolution was delayed, it is time to postpone the resolution on agenda 2 and 3 on 16 November with the closure of the meeting.

Reporter. Transitional provisions were also mentioned. The draft law will enter into force on the day following its publication in the Official Gazette. Unless the imposition of taxes on land and buildings in the bill. This Agreement shall apply from 1 January 2020.

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