Thailand's Finance Minister Korn Chatikavanij has announced that the government is set to implement a new asset tax that will affect property owners in the country.

Few details of the tax have been revealed, as the bill is still with the Attorney General and has yet to be submitted to parliament. Property owners have raised concerns that the new tax might undermine the country's investment appeal, but Korn insists that the tax will be part of larger reforms that will distribute the tax burden more evenly across society.

The bill proposes gradual increases on land and buildings from 0.5% to 2%, and the tax is expected to encourage landowners to release unused land onto the market.