(Bloomberg) -- Thailand’s King Maha Vajiralongkorn and senior royals have been exempted from land and buildings tax for some of their properties, according to an official statement.
The exemption applies if the properties are used by the king, the royal family, state agencies, the royal household and the king’s offices, a statement in the Royal Gazette showed. It also applies if they are used for public service and religious affairs.
Other properties of senior royals would be exempt only for the portion used in not-for-profit activities, according to the statement released Friday.
The statement also details exemptions for properties that aren’t related to the monarch or his family, such as those owned by the state but which aren’t being used, as well as unused land around airports.
Vajiralongkorn, who turned 67 on Sunday, gained ownership of the Crown Property Bureau’s billions of dollars of holdings through legal changes in 2017. Last year, the bureau said crown property assets would be subject to tax.
The king’s stakes in Siam Commercial Bank Pcl and Siam Cement Pcl, two major listed Thai firms, are worth more than $9 billion combined, according to the firms’ websites and Bloomberg calculations. The full of the bureau’s real estate and other holdings isn’t clear.
©2019 Bloomberg L.P.
RECOMMENDED FOR YOU
POPULAR