Windfall tax to be proposed for cabinet approval soon

The Ministry of Finance is now considering to propose what it called windfall tax on property owners benefited from the government's infrastructure projects.

One of the infrastructure projects it pointed finger to is electric train where land prices along the electric routes are marked up several folds.

Finance Minister Apisak Tantivorawong said the ministry is studying the windfall taxation on owners whose land price is inflated following the infrastructure development.

He said the government projects, including electric trains and dual-track railways, substantially increased prices of land along the routes.

With such windfall from government projects, he said authorities will have to levy a tax upon selling.

Ceiling for the windfall tax is set at 5% of the inflated value of property benefitted from the projects.

The ministry is expected to propose the windfall taxation to the Cabinet for approval in the next few weeks, he added.

Source: Thai Public Broadcasting Service (Thai PBS)