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Good news for the general public and the real estate section! On April 9, 2024, the Cabinet approved economic stimulus measures through the real estate sector and related businesses to create momentum for the overall real estate industry, elevating Thailand to a world-class industrial city center.
This measure is a personal income tax deduction for those who want to build houses as specified in the Stamp Duty contract (O.S. 5) with a construction value of THB 1 million can be filed for tax deductions of THB 10,000, up to THB 100,000 from the effective date of the law, but not later than December 31, 2024.
Terms & Conditions on Land and House Tax Deduction Measure are as follows
The benefit of this Land and House Tax Deduction Measure is to encourage consumers to make decisions easier and faster because some of them have delayed their decision on the economy because they do not trust the economy as much as they should, as well as to reduce the burden on consumers, said Mr. Olan Chanphu, President of HBA: Home Builder Association.
In addition, the residential fee will also be reduced in 2024. The fee on registration of real estate transfer is reduced by 2 % to 0.01t% and the mortgage registration fee from the same registration is reduced from 1 % to 0.01 % for real estate trading as follows:
The Land and House Tax Deduction Measure aims to encourage people to have more housing, spending, and employment in the real estate sector, and stimulate the economy through real estate and related businesses. This measure is expected to help boost the economy by 1.7 – 1.8%.
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