The Ministry of Finance has assigned the Fiscal Policy Office (FPO) to study a proposal by the private sector to delay and reduce collection of the land and building tax.
The instruction from Finance Minister Arkhom Termpittayapaisith came after companies complained that they have been struggling with the impact of the pandemic and the war in Ukraine.
Arkhom said the FPO will discuss the matter with the Ministry of Interior and look into possible approaches that his ministry can take to help affected businesses.
However, he stressed that revenue from the land and building tax is crucial for urban development, and that the implementation of related measures requires careful consideration.
Prompted by the devastating effects of the pandemic, the government reduced the land and building tax by 90% in 2020 to help alleviate the burden of property owners. This tax relief remained in place for the 2020-21 fiscal year, but the ministry has since declined to extend it. (NNT)
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