Proposed property tax
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Some of Thailand\'s bigger landowners have begun serious studies of the government\'s proposed Property Tax Act and are preparing to use or sell unused plots of land within the next three years before the new law becomes effective - should it be approved.
The sudden interest, revealed by a survey conducted by The Nation earlier this
week, follows Finance Minister Korn Chatikavanij\'s announcement of plans to
seek Cabinet approval for proposed reforms of the property tax collection system
before the end of this year, as a part of wider tax reforms.
Property developers and landowners have now become anxious to learn details of the draft law so they can manage their property holdings before 2012.
Pailin Chuchottaworn, CEO of integrated oil refiner and petrochemical manufacturer IRPC, earlier said his company planned to seek partners to operate or sell some its undeveloped properties, in order to reduce the possible property tax burden should the draft bill become law.
\"We\'re considering what we should do with these businesses. If there is a good opportunity for them to grow, we\'ll keep them. If not, we\'ll sell them,\" he said.
KPN Lifestyle CEO Korn Narongdej, who, as the son of Kasem and Porntip Narongdej, is a member of one of Thailand\'s larger landowning families, said his family had to study the proposed bill before it took effect.
Property developers and landowners have now become anxious to learn details of the draft law so they can manage their property holdings before 2012.
Pailin Chuchottaworn, CEO of integrated oil refiner and petrochemical manufacturer IRPC, earlier said his company planned to seek partners to operate or sell some its undeveloped properties, in order to reduce the possible property tax burden should the draft bill become law.
\"We\'re considering what we should do with these businesses. If there is a good opportunity for them to grow, we\'ll keep them. If not, we\'ll sell them,\" he said.
KPN Lifestyle CEO Korn Narongdej, who, as the son of Kasem and Porntip Narongdej, is a member of one of Thailand\'s larger landowning families, said his family had to study the proposed bill before it took effect.
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