It’s started!! Build a house and get a tax deduction. ‘Millions per tens of thousands’ believed to push the economy – the housing market is bustling Increase your chances of owning a home more easily
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The Home Builders Association (HBA) believes that home building measures will reduce taxes. ‘Million per ten thousand’ personal income tax deduction for those who want to build a house worth 1 million, deduct 10,000 baht, up to a maximum of 100,000 baht, effective from 9 April 2024 to 31 December 2025, awakening purchasing power recovery. Increase the opportunity for consumers to become homeowners more easily Push the overall home construction market in the second quarter to expand, supporting Thailand’s GDP growth.
11 April 2024 – Mr. Olan Chanpu, President of the Home Builders Association (HBA: Home Builder Association), revealed that there are 5 measures to stimulate the economy through the real estate sector that the Cabinet (Cabinet) approved. The goal is to support people’s housing and support the Thailand Vision in elevating Thailand to a world-class industrial city center. It is expected that these measures will stimulate GDP this year by another 1.7-1.8% and encourage people to have housing. The details of the measures are as follows.
The measure “Build a house to reduce taxes, one million per ten thousand” is a personal income tax deduction for those who wish to build a house as specified in the construction contract. Stamp duty documents (A.S.5) with a house construction value of 1 million baht can be used as a tax deduction of 10,000 baht, up to a maximum of 100,000 baht, from the date the law comes into effect. Ending on December 31, 2025, which passed a resolution approved by the Cabinet (April 9, 2024), has created a significant ripple effect on the overall picture of the home building business in the second quarter. And this is the first time that a home building business has received a tax deduction for building a house on its own land.
Measures to stimulate the real estate sector and related businesses Also consists of Reduction of fees for registration of rights and juristic acts For housing in 2024, the real estate transfer registration fee will be reduced from 2% to 0.01%. In addition, real estate mortgage registration fees will be reduced from 1% to 0.01% for housing priced not more than 7 million baht and the mortgage amount not more than 7 million baht. This is effective for buyers who are natural persons of Thai nationality. This criteria will start from the day the law is published in the Royal Gazette until 31 Dec. 2024.
Happy Home home loan project, project limit of 20,000 million baht by the Government Housing Bank (GH Bank) that supports loans for people with low to middle incomes. At a fixed interest rate of 3% per year for a period of 5 years, the maximum credit limit per person is not more than 3 million baht, with a maximum loan period of not more than 40 years. Homebuyers can apply for a loan with the Government Housing Bank today. Until 30 Dec. 2025, there is still the Happy Life home loan project with a project limit of 10,000 million baht, supporting loans for the public. The average interest rate for the first 3 years is 2.98% per year, with a credit limit of 2.5 million baht or more. You can apply for a loan with the GH Bank from today onwards.
Including measures to promote housing for low-income earners (BOI housing project) by exempting corporate income tax for 3 years in an amount not exceeding 100% of the investment for the development of condominiums with a usable area of not less than 24 square meters and houses. Single or row house Usable area of not less than 70 square meters, price not more than 1.5 million baht, but must have housing that meets the specified conditions of not less than 80% by applying for promotion within the last business day of 2025.
Self-built home market has a total value of approximately 200 billion baht, during the first quarter of this year A significant amount of purchasing power postponed the decision indefinitely. Due to the economic situation The government pushes measures to build houses to reduce taxes. “Million per ten thousand” maximum discount not exceeding 100,000 baht will help stimulate purchasing power. and build confidence among consumers very well It is also an important catalyst that makes the overall home construction market in the second quarter of this year become lively again. and increased sales compared to the previous period Such measures will also have a positive impact on related businesses, such as construction materials and employment, which will also benefit from such measures this time.
At the same time, it is an incentive for home builders who have not yet registered as legal entities. Register as a legal entity and enter the tax system As a result, the government receives 7% VAT and corporate income tax. This has a positive effect on the overall economic system. However, the enforcement of the measures will only be for a short period of time. If in the future the time frame is extended for a longer time. It’s like a tax deduction given to individuals from purchasing life insurance. It will have a positive effect on those who want to build their own house. Including promoting the home building business and the national economy in the long term.
“All 5 economic stimulus measures for the real estate sector help drive positive change. Whether it is the increase in buying and selling of real estate, the number of orders to build houses on own land is growing. to the money flowing to related businesses Ultimately, this will have a positive impact on businesses, consumers and the economic expansion of the country,” Mr. Olan said.
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