Stimulus measures prepared for Thai property sector

BANGKOK, October 12 (TNA) - The Ministry of Finance eyes to propose new stimulus measures beneficial to the Thai property sector for the Cabinet's approval shortly. Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs, told journalists on Monday that he has received the proposed measures from the Ministry of Finance and will forward them to the Cabinet for its further consideration and decision at its weekly meeting in Bangkok on October 13. Under the proposed measures, Somkid revealed, fees for ownership transfers and mortgage of property, as well as the specific business tax will be cut to merely 0.01 per cent for 6-12 months. Besides, the Government Housing Bank (GHB) will be ordered to increase loan amounts, extend repayment periods and reduce instalments to relieve the burden of local house buyers. According to the deputy prime minister, the new stimulus measures for the local property sector are aimed to ease the strict lending of financial institutes amid an ongoing economic slowdown. The Thai deputy premier said that during a meeting of authorities concerned he chaired earlier in the day, participants also discussed a new way of the Thai government's budget planning to prevent the duplication of budget requests for local development projects proposed by provincial and local administrative bodies. (TNA)