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25.12.2019
Photo report of construction progress of Lamai Resorts project by New Nordic - 25 December 2019.
23.12.2019
Photo report of construction progress of Coral Beach project by New Nordic - 23 December 2019.
Cabinet approves five measures to boost economy
The Cabinet yesterday approved the Finance Ministry's five proposals to boost business sentiment, accelerate the government's venture-capital scheme, help low-income earners buy their first home and rev up the economy in the near term.
"These measures should benefit businesses and the economy," said Somkid Jatusripitak, the deputy prime minister in charge of economic affairs.
Real estate is a huge industry with a high multiplier effect on the economy through many other business activities, he said.
"We introduced such measures back in 1997 [during the Asian financial crisis]. The measures back then involved a tax measure that was specifically for one business, but the recently introduced measures only involve the demand side and the low-income home-buyer by helping to lower their financial burden in terms of transfer and mortgage fees."
Finance Minister Apisak Tantivorawong said reducing the transfer and mortgage fees to 0.01 per cent for six months would cost the government about Bt15 billion in lost tax revenue. However, the government would gain that back when the measures start to spur economic activities.
Before the Cabinet's approval, housing transfer and mortgage fees were 2 per cent and 1 per cent of appraised value.
Real estate is a huge industry with a high multiplier effect on the economy through many other business activities, he said.
"We introduced such measures back in 1997 [during the Asian financial crisis]. The measures back then involved a tax measure that was specifically for one business, but the recently introduced measures only involve the demand side and the low-income home-buyer by helping to lower their financial burden in terms of transfer and mortgage fees."
Finance Minister Apisak Tantivorawong said reducing the transfer and mortgage fees to 0.01 per cent for six months would cost the government about Bt15 billion in lost tax revenue. However, the government would gain that back when the measures start to spur economic activities.
Before the Cabinet's approval, housing transfer and mortgage fees were 2 per cent and 1 per cent of appraised value.