Thai Finance Minister Proposes Tax Refund For The First-Time Home Buyers

[webfact]

Finance Minister Proposes Tax Refund for the First-time Home Buyers

The Finance Minister has proposed a new property tax refund policy to stimulate the real estate market. First-time home buyers will be able to receive a tax deduction from the principal.

Director of Fiscal Policy Office Narit Chaiyasuth said he has proposed the new policy to stimulate the real estate industry by deducting property tax for first-time home buyers.

Buyers can bring principal to receive tax deductions.

For a home worth 5 million baht, the buyer will receive a five hundred thousand baht tax deduction immediately.

However, the tax proposal needs to be forwarded to the Cabinet for consideration.

The director believes many new economic policies will be able to stimulate the economy and business.

He is also estimating an economic growth rate of 4 to 5 percent this year.

Director of Real Estate Information Center Summa Key-Ta-Sin said that this year home prices will gradually increase, which will be a buyers opportunity.

He added that house price trends are expected to rise to 5-7 percent in the next year, due to the high cost of construction materials, oil prices, and the new daily minimum wage.

Accommodation near new sky train routes will increase by 10 percent, especially on the On-Nuch route expansion.

Summa said most people have been waiting for the government to clarify the real estate policy.

He believes the policies will boost the real estate business.

-- Tan Network 2011-08-26

[whybother]

Another great policy to help the poor.

He added that house price trends are expected to rise to 5-7 percent in the next year, due to the high cost of construction materials, oil prices, and the new daily minimum wage.

What new minimum wage? I thought they reneged on that already.

[meatboy]

could this be a way of finding out who buys what,with whos money,500k bht get in the queue darling

[falkan]

when will they deal with this proposal? 1 month 1 year?