There are three major sources of real state in new industry, these are in the form of associations i.e., housing, business and property. According to rules of Thailand one has to submit a letter to ministry of finance in order to reduce transfer fee and taxes which are compulsory to pay while buying home for the first time.
Reduction in fee can be taken in lieu of efforts of government to enable low income people to buy their first home. These relaxations are offered for few years so that more people can be attracted towards buying a new home. However, it is also stated that many measures like this are not motivating people to take decision of buying home. On the other hand few other long range incentives are also in planning in order to gear up economic growth. It is in planning process that tax will be reduced in addition to this deduction on fee for transfer of ownership will be 2 % to 0.01 %. In addition to this deduction fee for mortgage will be two percent to about .01 percent while business tax will only be three to .1 percent. If price of housing property exceed to five million dollars then tax will be deducted as per rule.
- Residential Rents for Expatriates in Bangkok is Expected to Increase
- Certain Buyers Left Dissatisfaction as Thai Developers Fail to obtain EIA Approval
- Rates of Housing Units increases to 48% during 4 Years
- Developers welcome the ideas of Finance Ministry to Tax the Vacant and New Land
- No Risk of Property Bubble in Thailand