Cabinet approved 10% tax deduction for first time home buyers

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BANGKOK, 20 September 2011  – The Cabinet this week gave a green light to 10% tax deduction for first time home buyers, who buy a property worth no more than 5 million baht.

Revenue Department Director General Satit Rangkasiri announced that under the scheme, the purchase of new residence must be made during 22 September this year to 31 December next year. The Revenue Department is expected to lose around 1.7 billion baht in revenue in five years; but the government would compensate the loss at 340 million each year.

The Director General anticipated 90,000 housing units would be sold to first time home buyers during the period, with around 90,000 units of new houses in stock.