Connect with us

Economics

Thailand rolls new stimulus package to boost economy

The Thai government rolled out another economic stimulus package to stimulate economic growth, recently forecasted as low as 2.5% for 2015.

Avatar

Published

on

The Thai government rolled out another economic stimulus package to stimulate economic growth, recently forecasted as low as 2.5% for 2015.

One stimulus plan include some 10 billion baht worth of housing loans for low income earners people that will enable them to buy houses and as a consequence will help boost the real estate sector.

The 10 billion baht housing loans are for low-income people and those whose application for mortgage lending with financial institutions have earlier been turned down by banks.

The government Housing Bank is tasked to oversee the plan which will be implemented between October 19, 2015 and December 31, 2016.

The government expected some 5,000-6,000 people will apply for the loans.

The loan period is capped at 30 years. The measure also aims to help people with monthly net income of less than 30,000 baht to own a house.

Amid economic uncertainty and swelling household debt, banks have tightened loan approvals and mortgage rejection rates at some banks have jumped to 30-35%, 5% higher than under normal conditions.

Tax cuts for first home buyer

In addition to home loans, the government also approved a cut of fee for home loan transfer from 2 percent to 0.01 percent for the period of six months, starting from now.

In addition, mortgage registration fee will be reduced from 1 percent to 0.01 percent of the mortgage.

In addition to the proposed cut in transfer and mortgage fees, Aliwassa Pathnadabutr, managing director of property consultant CBRE Thailand, proposed waiving the special business tax.

This is a 3.3% levy on property owners who resell their property within five years of it being transferred to them.

People who buy a house worth no more than 3 million baht will also be entitled to apply for a personal income tax deduction worth 20 percent of the house cost. But this measure only applies to first home buyer.

According to survey by Kasikorn Research Centre, householders’ economic expectations and income expectations are at their highest point in the last six months, due to the previous stimulus measures announced.

Private sector approval

The private sector says the government’s economic stimulus packages rolled out recently is a right decision although it may not see immediate result.

Sahapat Group president Boonyasit Chokewattana said he believed that the government is heading in the right direction in solving the country’s economic problems, though the results will not be seen right away.

However he foresaw that the people’s purchasing powers could be revived in the coming year.

During a recent press conference, Deputy Prime Minister Mr Somkid painted a brighter economic outlook for the country this year and next, saying domestic consumer confidence had improved after his new team introduced the stimulus package.

Comments

Economics

BoI plans more efforts to promote BCG economy

National News Bureau of Thailand

Published

on

logomain

BANGKOK (NNT) – The Board of Investment (BoI) is working with related agencies to rev up promotion of the bio-, circular and green (BCG) economy to help drive growth over the next 5 years.

BoI Secretary-General Duangjai Asawachintachit said the BoI is looking into more business categories for high technology as part of efforts to promote the BCG economy.

She said the government is focused on developing the bio-economy as Thailand has more than 30 million people working in the farm sector, yet most of them remain in poverty.

Source link

Continue Reading

Ecommerce

Will Covid-19 unleash a new generation of digital nomads?

Oxford Business Group

Published

on

Will Covid-19 unleash a new generation of digital nomads?

– Covid-19 has facilitated the widespread adoption of remote working
– Despite travel restrictions, countries are seeking to attract digital nomads
– Dubai and Mexico have emerged as key destinations for foreign remote workers
– As travel resumes, many anticipate a new wave of roaming digital nomads

With Covid-19 facilitating the widespread adoption of remote working practices, some emerging markets are seeking to attract digital nomads through a series of incentives and special visas.

Despite border closures and travel restrictions resulting from the virus, various countries are stepping up efforts to incentivise the movement of so-called digital nomads – people who work remotely and relocate relatively freely.

For example, in October the Dubai government launched its virtual working programme, an initiative that gives foreign professionals the opportunity to move to the emirate and continue to work remotely in their current jobs.

The one-year programme, launched after Dubai reopened its borders to international tourists in July last year, is designed is attract professionals, entrepreneurs and those working in start-ups.

Given its strong ICT infrastructure and healthy start-up scene, Dubai has been seen as an increasingly attractive option for digital nomads in recent years, with officials marketing the emirate as a place where people can live and work by the beach.

As a further incentive, in January officials began offering free vaccines to those on the programme.

Read More

Continue Reading

Economics

BoI Plans More Efforts to Promote BCG Economy

National News Bureau of Thailand

Published

on

logomain

BANGKOK (NNT) – The Board of Investment (BoI) is working with related agencies to rev up promotion of the bio-, circular and green (BCG) economy to help drive growth over the next 5 years.

BoI Secretary-General Duangjai Asawachintachit said the BoI is looking into more business categories for high technology as part of efforts to promote the BCG economy.

She said the government is focused on developing the bio-economy as Thailand has more than 30 million people working in the farm sector, yet most of them remain in poverty.

Source link

Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,634 other subscribers

Trending