To the relief of several interested parties, the Thai government's property transfer incentives scheme, set to end on 28 March 2010, has been extended. Purchasers now have until 31 May 2010 to take advantage of the reduced rates.
The property transfer rebates, implemented in 2008, were due to end on 28 March 2010. However, on 23 March 2010 the Thai Cabinet announced a two-month extension of certain incentives in response to requests from purchasers.
The extension only applies to the reduced transfer fees and mortgage registration fees. This means that property purchasers and mortgagors will continue to enjoy the reduced rate of 0.01 percent for transfer and mortgage registration until 31 May 2010. Specific business tax, however, will revert to its original rate of 3 percent.
Additionally, the Thai Cabinet also announced that land offices throughout the country will be open on Saturday, 29 May 2010 and Sunday, 30 May 2010 to properly accommodate the extension.
For more information, please see our previous related Client Alerts:
- Thailand reduces government fees and specific business tax
on the sale of property
- Extension of reduced fees and tax on property sale
- Thai property transfer fees back to normal
For inquiries related to this Client Alert, please contact:
Araya Akomsoonthorn (email@example.com)
Patruetai Siriakraseth (firstname.lastname@example.org)