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End of real estate tax breaks in Thailand will see price of new property rising in April
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Thailand will not renew property tax breaks when they expire at the end of March as the economy is recovering and developers are returning to normal profits levels.
The incentives, including a reduction in the property transfer fee, a cut in the mortgage registration fee and a lower special business tax, helped boost property sales which increased by 7% in 2009, officials said.
But now developers are warning that they will have to pass on the additional costs to buyers and prices will rise from April as a result.
The changes mean that the transfer tax, currently 0.01% will go back up to 2%. Certain vendors, including property developers will pay a 3.3% specific business tax, up from 0.11% and mortgage registration will increase from 0.01% to 1%.
But now developers are warning that they will have to pass on the additional costs to buyers and prices will rise from April as a result.
The changes mean that the transfer tax, currently 0.01% will go back up to 2%. Certain vendors, including property developers will pay a 3.3% specific business tax, up from 0.11% and mortgage registration will increase from 0.01% to 1%.
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