According to Property Wire –

A new draft bill on land and property tax in Thailand is being drawn up with some warning that it may not benefit the residential real estate market. It is aimed at helping property owners make better use of their property and land especially in terms of selling any that is unused.

Speculations are rife with property owners wondering if they would lose their tax exemptions when the Land and Construction Tax Bill is set to be discussed by the government in August and will then go to parliament for approval later in the year. Currently the Thai Government is under immense pressure on their budget, and the current Prime Minister Abhisit Vejjajiva having to battle opposition politicians threatening to disrupt the deliberation of a bill to loan 400 billion baht to boost the ailing Thai economy.

With several uncompleted building projects littering major cities (yes even in Phuket and Pattaya are affected), it would greatly affect foreign investors buying into these properties and of course the developers who are building them. This is the space to watch for more updates in this area.