On 12 March 2019, Thailand published in the Official Gazette the Land and Building Tax Act B.E. 2562 (2019), which will apply from 1 January 2020 and replaces prior legislation and decrees on the taxation of such property. Under the new Act, both individuals and legal entities with ownership, possessory, or usage rights over land or buildings, including apartment units, will be subject to the land and building tax. The basis for the tax is the official assessed price of the property, as determined by the government authority for the purpose of collecting registration fees. The actual rates applied will...