The chamber has from our corporate member Baker & McKenzie received the following update related to the Land Tax Act. On 10 June 2020, the Royal Decree Reducing Tax for Certain Types of Land and Buildings, B.E. 2563 (2020) (the “Royal Decree“) was published in the Government Gazette and will become effective from 11 June 2020.
Aimed at relieving the economic impacts of the COVID-19 pandemic, the Royal Decree will reduce the land and building tax by 90% of the amount calculated in accordance with the Land and Building Act, B.E. 2562 (2019) (the “Land Tax Act“).