NEWS ALERT Thai Property Tax Incentive Not Renewed

One of the Thai Government’s leading economic stimulus packages, the property tax incentive will not be renewed according to the Cabinet. Expiring on March 28th SBT (specific business tax) will increase to 3.3% from 0.1%, transfer fees revert to 2% from 0.01% and mortgage fees also escalate to 1% from 0.01%. Property developers and analysts continue to closely monitor the new land and building tax which is continued to be shrouded in controversy and despite grandfathering in such a large scale which will take a number of years to implement.