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No duplication in proposed land taxes, Finance Ministry says

No duplication in proposed land taxes, Finance Ministry says

FRIDAY, June 02, 2017

The Finance Ministry has denied claims by land developers that a proposed windfall tax would duplicate the land and building tax currently being vetted by the National Legislative Assembly.
Pornchai Thiraveja, deputy director of the Fiscal Policy Office, said on Friday the ministry intends to impose the windfall tax on property owners and developers whose land increases in value as a result of government infrastructure projects. 
There would be no double taxation, as developers have suggested, Pornchai said. 
Windfall taxes are initially proposed for land within 2.5 kilometres of railway stations and five kilometres of airports, as well as any property changing hands, he said.
The proposed tax rate is about 5 per cent above the land’s appreciated value, not its overall value, he pointed out, and it would apply only to land affected by new infrastructure investment projects.
The National Legislative Assembly is meanwhile deliberating a land and building tax, which property developers say could potentially be duplicated if the windfall tax were introduced.