BANGKOK (Reuters) – Thailand's finance ministry said it will unveil new real estate measures on Tuesday as the government seeks to revive Southeast Asia's second-largest economy.
The ministry said Deputy Finance Minister Krisada Chinavicharana and Deputy Finance Minister Julapun Amolumbivat will explain plans to stimulate the economy through the real estate sector at 0730 GMT (5:30 pm Japan time) on Tuesday.
The briefing, which will follow the cabinet meeting, will also outline preparations to help Thailand become a global industrial center, the newspaper said, without going into details.
Thai media reported that the Ministry of Finance will propose property measures such as reducing transaction fees for homes worth up to 7 million baht ($190,891) and lowering ownership transfer fees from 2% to 0.01%. Reported.
Reports suggest that tax credits for those wishing to build homes and mortgage loans for low-income earners will be introduced.
The ministry plans to propose amendments to rules regarding foreign home ownership, including extending the rental period from 30 years to 99 years and allowing foreigners to purchase some of the homes.
Prime Minister Sureta Thavisin reiterated on Monday that the economy needs major stimulus, with growth likely to be less than 1% in the first quarter of 2024, following an annualized 1.7% expansion in the previous quarter. He said there is.
(Reporting by Orathai Sriring and Kitiphong Thaichareon; Editing by Ed Osmond and Tomasz Janowski)