Land tax bill may be pondered by House in 2 months

BANGKOK, 10 February 2011 (NNT) – Finance Minister Korn Chatikavanij has voiced his belief that the House of Representatives will be able to consider the land and building tax bill within the next 2 months.

Mr Korn had a meeting with the Council of State to clarify details relative to the land and building tax bill, particularly issues in debate, such as guidelines for tax evaluation, roles of tax collection agencies, management of land plots to allow multi-purpose usage and tax exemption clauses. The Minister expected the Council to spend no more than 2 months on deliberating the bill. The vetted bill would then be referred back to the Cabinet for approval and to be forwarded to the House.

In addition, Mr Korn pointed out that recommendations on agricultural land reform given earlier by National Reform Committee Chairperson Anand Panyarachun coincided with the land tax bill in most aspects. Mr Anand’s advice covered setting a ceiling for land ownership, creating equality, establishing agricultural land banks, collecting a progressive tax on farmland and laying down limitations on the usage of land for farming.

The Finance Minister confirmed the government’s determination to enact the bill as soon as possible as it would ensure fair taxation and efficient use of land as well as increase the number of taxpayers in the country.