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[allan400]

This is good news for those who have bought a property with bank loan. Tax allowance might be really boosted next year! Remeber just 2 years ago, the limit was small 50000 THB to be deducted only. Now they propose umlimited!!

Home buyers' tax allowance may be boosted to 100%

Finance Minister Korn Chatikavanij on Wednesday unveiled the plan to raise home buyers' tax allowance to 100 per cent, as a temporary measure to boost the sagging economy.

He said it would be part of the short-term and long-term economic stimulus measures, which woudl be submitted to the Cabinet after the government unveils the economic policies to Parliament. He noted that if home buyers can deduct the entire principal and interest payments from their taxable income, they will enjoy lower financial burden.

At present, home buyers can deduct the taxable income with only interest payments worth no more than Bt100,000 each year.

The Fiscal Policy Office on Wednesday admitted that the economy in the first half next year could post a minus growth rate, as the fourth quarter growth could be minus 2-3 per cent on delayed investment and consumption as well as faltering exports.

In November, exports value dropped 18 per cent on year, while value-added tax collections dropped 4 per cent and investment contracted 6.4 per cent.

The office's director-general Somchai Sajjapong expected the economy to expand 1 per cent next year, compared to 3 per cent in 2008.

He noted that in 2009, the economy could grow upto 2 per cent if the Bt100 billion expansionary budget is entirely spent within September, state enterprises speed up on investment projects, commercial bank lending grows 5 per cent, oil prices stay about US$50-$60 a barrel and inflation stays below 1 per cent.

"If things do not turn out as expectd, the GDP could show a zero or minus growth rate," he said.