BOI’s Tax Relief Sparks Housing Accessibility

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BOI’s Tax Relief Sparks Housing Accessibility

The Office of the Board of Investment (BOI) has declared tax incentives for property developers engaged in the construction of residential properties, including houses and condominiums, aimed at catering to low-income individuals. These incentives are applicable to properties priced at 1.5 million THB or below.

The privileges were approved by the Board of Investment on March 15th, 2024, in accordance with the third phase of the Government Housing Bank (GHB)’s initiative to extend loans to low-income individuals for the acquisition of houses and condominium units and consistent with the government’s economic stimulus measure through the real estate sector.

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Projects meeting the eligibility criteria, which include a minimum requirement of 70 square meters of space for housing projects and at least 24 square meters of condominium space floor, will qualify for a three-year exemption from corporate income tax. This exemption applies to and shall not exceed the investment costs associated with infrastructure development such as roads, public facilities, and amenities for public use within the projects.

By extending tax privileges to developers constructing residential properties priced at 1.5 million THB or below, the BOI aims to stimulate the supply of affordable housing options and enhance accessibility for low-income segments of the population. Importantly, this initiative promotes social welfare of low-income populations and stimulate inclusive economic development in the real estate sector.

Author: Panisa Suwanmatajarn, Managing Partner.

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