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According to a report by Bangkok Post, the Cabinet has approved the draft law on land and building tax on 7 July 2016. The law is currently in the process of legislation and will likely take effect in early 2019. The tax applies to land, buildings and condominium units. A first home valued below 50 million Baht will be exempted from tax, while a maximum 0.5 % rate will be applied to a second home or first home appraised above 50 million Baht and a maximum 0.2 % rate will be levied on agricultural land and 2 % on commercial and industrial land. For undeveloped land, the maximum rate of 5% will apply in the first three years and the rate will be doubled if the land remains vacant in the following three years.