The BOI board has approved three special measures to accelerate investment in large projects, SMEs, and support for the grassroots economy to stimulate economic growth. It has also introduced a new category to promote electric trams for tourism and housing for low-income earners, and approved the promotion of tire manufacturing for vehicles with an investment value of over 7.9 billion baht.

Ms. Duangjai Asawachintachit, Secretary-General of the Board of Investment (BOI), revealed that in the real estate sector, to align with the government's policy of promoting affordable housing for low-income earners, there will be an increase in location options, community environment, and reasonable pricing. This supports the 'Million Houses' project of the Government Housing Bank. Therefore, the BOI board has resolved to promote 'Housing for Low-Income Earners' by granting tax exemption benefits for corporate income tax for a period of 3 years to encourage developers to build quality housing.

Additionally, the project must receive approval from the Government Housing Bank before applying for promotion, which must be submitted by December 30, 2020.

 

Conditions for the Housing for Low-Income Earners Initiative

The housing seeking promotion must have the following area:

      - For condominium construction, the usable area per unit must be at least 24 square meters.

      - For townhouse or single-family home construction, the usable area per unit must be at least 70 square meters.

The housing seeking promotion must be sold only to individuals and must be sold at the following unit prices:

      - If located in Bangkok, Nakhon Pathom, Nonthaburi, Pathum Thani, Samut Prakan, and Samut Sakhon, the selling price must not exceed 1.2 million baht (including land costs).

      - If located in other provinces, the selling price must not exceed 1 million baht (including land costs).

At least 80% of the housing units in the project must meet the specified conditions.

The project must include facilities such as parking, CCTV throughout the project, 24-hour security personnel, cleaning staff for common areas, and other appropriate amenities.

The layout and building plans must be approved by the committee.

Construction permits must be obtained in accordance with building control laws or related regulations.

Approval from the Government Housing Bank must be obtained before applying for promotion.

There is no requirement to obtain a quality system certification under ISO 9000 or ISO 14000 standards or equivalent international standards.

Applications for promotion must be submitted by the last working day of 2020.

 

Benefits for Housing for Low-Income Earners

         Specific benefits include exemption from corporate income tax as per provision A4.

 

Reference: Board of Investment (BOI)