Thailand cuts land, property tax for 2023

Thailand has cut land and property tax by 15% with some registration fees reduced for 2023, while the tax on jet fuel was lowered to THB0.20 per litre from THB4.726, for six months from January. Finance Minister Arkhom Termpittayapaisith said that Thailand’s cabinet approved tax measures to help boost public consumption to support the economy as it recovers. The tax measures include a tax deduction of THB40,000 for shoppers on goods purchases from January 1 to February 15. He said that they will lose some revenue, but these measures will help support the economy. Arkhom said the tax breaks are estimated to cost the government THB18.7bn in lost revenue, but would help boost spending next year and should increase gross domestic product by 0.76%.