Thailand has issued a royal decree officially reducing the land and building tax due in 2023. The Royal Decree on Land and Building Tax Reduction (No. 3) B.E. 2566 (2023), which was announced and published in Thailand’s Government Gazette on March 19, 2023, and came into effect the following day, will effectively reduce land and building tax payments by 15% in 2023 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 these types of land or buildings are therefore only required to pay 85% of the land and building tax normally owed for 2023.
Furthermore, owners of certain types of land or buildings that were eligible for tax reduction of 50% or 90% under the Royal Decree on Land and Building Tax Reduction B.E. 2563 (2020) will enjoy an additional 15% reduction of the tax amount that was reduced by 50% or a continuation of the 90% tax reduction, depending on the circumstances.
For further information, please contact:
Chaiwat Keratisuthisathorn, Tilleke & Gibbins
chaiwat.k@tilleke.com
