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Property Stimulus Measures Extended

By on Mar 30, 2010 in Property News

Source: Bangkok Post, March 23, 2010

The cabinet has agreed to extend tax incentive measures to stimulus the property development sector, which will end on March 28, for another two months, Prime Minister Abhisit Vejjajiva said on Tuesday afternoon.

 “The decision was made on ground that about 10,000 people who had bought their homes might not be able to transfer their property right before expire date of the tax incentive measures”, Mr Abhisit stated.

After the expiration of the measures, the rate of special business tax would return to 3.3 per cent from the current 0.11 per cent. The property right transfer fee would be 2 per cent from  0.01 per cent.

Previously, the cabinet had decided not to extend the tax incentive measures because it was proven that the property developers’ profit had substantially increased, and that even if there was no extension of the stimulus measures, the property sector would still improve in line with the recovering economy.

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