27 March 2017
THAILAND: Unused Land and Second Homes to be Taxed from January 2018
Vacant and unused land in Thailand is to be taxed on an incremental basis from January 2018. Under the terms of incoming legislation, owners of such land will be required to pay a tax equal to 2% of its value, with the figure increasing by 0.5% every three years to a maximum of 5%.
In an additional move, those with a second home or owning agricultural land valued at Thai Baht 50 million (US$1.4 million) or more will have to pay an annual tax equivalent to 0.2% of their value.