The Home Builder Association (HBA) is confident that the 8 proposed measures to stimulate purchasing power in the real estate sector, presented by 7 real estate organizations, will help alleviate consumer burdens, enhance confidence, and boost purchasing power in the real estate market. The association is preparing to request the government to help reduce the burden on citizens by making tax deductions for personal income tax for home builders a permanent measure.

Mr. Olar Chanphu, President of the Home Builder Association (HBA), revealed the progress of presenting recommendations to address the sluggish real estate market from 7 real estate organizations, totaling 8 measures aimed at revitalizing the real estate business and related sectors to the Prime Minister on January 10.

The 7 real estate organizations include the Home Builder Association, the Real Estate Trade Association, the Design and Construction Committee of the Thai Chamber of Commerce, the Housing Development Association, the Thai Condominium Association, the Thai Real Estate Association, the Real Estate Marketing and Sales Association, and the Thai Real Estate Broker Association. They have jointly proposed measures to revitalize the real estate market and related businesses to the Prime Minister. A working group has been established to gather economic data and assess the impact of all 8 measures, with a summary expected to be presented to the Prime Minister by Monday, January 22.

The association has proposed a measure for #TaxDeductionsForHomeBuilding, allowing individuals who wish to build homes on their own land to deduct personal income tax. The details will be based on the construction value according to the construction contract stamped with revenue stamps (Form 5) from the Revenue Department, which will serve as evidence for personal income tax deductions in the following tax year at a rate of 10,000 Baht per million, with a maximum deduction of 100,000 Baht. If officially approved, this will mark the first time the home building business has introduced tax deduction measures for individuals building homes on their own land.

The tax deduction measure for home building that the association is pursuing is genuinely aimed at benefiting consumers. We want consumers to #TaxDeductionsForHomeBuilding because typically, people only build one house in their lifetime. If they can apply for tax deductions, it will help reduce the burden on those looking to build homes. If this measure succeeds and becomes permanent in the future, it will benefit the public. Moreover, this measure will encourage home building businesses nationwide that are not yet registered to formalize their status and enter the tax system, positively impacting the overall economy.

“We believe that the #TaxDeductionsForHomeBuilding measure will encourage consumers who want to build homes to make decisions more easily, which will lead to overall growth in the real estate market in the country,” Mr. Olar stated.