In May 2020, the Bank of Thailand announced a cut in the policy rate for the third time this year to a record low of 0.5%, to ease the impact of the economic downturn caused by the COVID-19 outbreak. The BOT has also further lowered its 2020 GDP forecast to a contraction of 8.1%, from its previous prediction of a 5.3% decline.

The collection of new Land and Building Tax has been postponed to October 2020, and the Treasury Department has also postponed the implementation of new government appraised values to 2021. Due to the delay of new government appraised values, the 2020 Land and Building Tax collection structure will be based on the new act while using existing government appraised values.