by Asia Land For Sale 
New land appraisal prices in Thailand are already in the works with the Treasury Department planning to roll out the list for 2023-2026 at the start of next year. This was originally slated to happen in 2021 but was delayed because of the COVID-19 pandemic.
“The new land appraisal price list which will come into effect next year was made two years ago as the announcement had been postponed due to the Covid-19 crisis,” Treasury Department Director-General Prapas Kong-ied explained to The Nation.
According to the Treasury Department, land appraisal prices in Thailand are expected to rise by an average of eight percent. Bangkok will still have the highest prices, but are only going to rise by three percent. This is less than most other locations in the Kingdom.
A number of factors were determined to create the new land appraisal prices in Thailand with infrastructure projects, such as bridges, roads, expressways and train lines, having a noticeable impact. That is one reason why land in the Eastern Economic Corridor has recorded significant increases in recent times. The region is now the most expensive location outside of the Thai capital.
An increase in land appraisal prices will mean a higher tax bill for landowners in Thailand since this is used in calculations. However, it’s possible some in the government may look at ways to offer relief.
“It is up to related agencies whether there will be measures to mitigate the public’s expense burden,” Khun Prapas noted.
Read More: Understanding Foreign Business Land Ownership Regulations In Thailand
Bangkok Authorities Look To Close Land Tax Loopholes
The Bangkok Metropolitan Administration (BMA) wants to close land tax loopholes that have seen some owners turn their holdings in prime areas into makeshift banana and lime farms. This allowed them to enjoy the agricultural land tax rate of 0.01-0.1 percent as opposed to the 0.3-0.7 percent applied to undeveloped commercial plots.
A source at the BMA told the Bangkok Post that up 12,000 land plots in Bangkok could be taking advantage of the current tax loophole which is costing the government a significant amount of revenue each year.
While new tax regulations have already been drafted, these still need to be submitted to the Bangkok city council for approval. Additionally, the BMA is seeking guidance from Finance Ministry’s Fiscal Policy Office regarding its plan to make the full collection on lands used for agricultural purposes.
