July 10, 2018 / 10:38 AM / 4 months ago

Thai cabinet backs new tax on property near infrastructure projects

BANGKOK, July 10 (Reuters) - Thailand’s cabinet has approved a new tax on property that benefits from being located near infrastructure projects such as airports, rail links and expressways, a government official said on Tuesday.

Owners of property worth more than 50 million baht ($1.51 million) will face a windfall tax of up to five percent on the increased value of their property, government spokesman Nathporn Chatusripitak told reporters.

The tax applies to a property located within five kilometres (3.1 miles) of a new infrastructure project.

The Land Windfall Tax now faces a vote in the National Legislative Assembly, the country’s parliamentary body appointed by the military-led government.

Since the military seized power in 2014, the junta has ramped up infrastructure projects across the country in a bid to lift growth in Southeast Asia’s second-largest economy.

In November, bidding will open on a 225 billion baht($6.8 billion) high-speed railway project that will link three airports. ($1 = 33.17 baht) (Reporting by Kitiphong Thaichareon Writing by Orathai Sriring Editing by Darren Schuettler)

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