When the global economy went South the Thai government had instituted new tax breaks in the property market to keep it going. These tax breaks not only provided a benefit to Thais but also to foreigners. Buying property in Krabi took on a new meaning a year ago when the Thai government lowered the tax rates when buying property. Property in Krabi saw a rise in prices and more property transfers.
The Thai government however has stated that they will now be stopping the tax breaks as they feel that the property sector in Thailand is now out of the woods. Property in Krabi is still on the up but the incentive for many has now died down with regards to selling. Certain tax breaks will still remain such as public transport and water. The tax breaks brought in almost a year ago has helped Thailand maintain its property sector however they have stated that in March it will not be renewed.
When asked about its timing they had made it clear that the economic woes have passed and that many property developers are now again back in the black. Looking back over the past year, 2009 saw a lower special business tax, helping to boost property transfers, which increased 7 percent in 200. Property developers had hoped that it would be extended however with the property market again back in full swing there appears to be very little need for the economic boost. If you are looking at buying property in Thailand, speak to one of our consultants with regards to property laws in Thailand. Speak to us online or via our toll-free UK or US telephone numbers.
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