No extension to Thai property tax incentives

Thailand’s Cabinet has approved a Ministry of Finance proposal not to extend tax incentives for the property sector which are due to expire at the end of June, government Deputy Spokesman Vachara Kannikar announced on Tuesday.

The measures, a reduction in land transfer and registration fees to 0.01 per cent from 2 per cent and 1 per cent respectively, have been extended several times.

“The necessity of the stimulus measures for the property sector has declined as overall this sector has recovered,” Vachara said.

The package is reported to have caused revenue losses for the Thai government of around THB13 billion ($402 million).

By Andrew Batt
From : www.property-report.com : June 23, 2010