The Ministry of Finance has announced economic stimulus and recovery measures for 2022 (New Year Gift Measures 2022) after the Cabinet approved and acknowledged these measures on December 21, 2021, aimed at stimulating and reviving the Thai economy for continuous recovery. The real estate sector has had its transfer and mortgage fee reduction extended to 0.01% for another year, until December 31, 2022.

            Minister of Finance Arkhom Termpittayapaisith stated, "The Thai economy in 2022 is expected to recover continuously, following improvements in the COVID-19 pandemic situation and an increase in vaccination rates. This has led to a rise in economic activities, both in domestic spending and tourism, while exports are likely to expand in line with the global economic recovery. Furthermore, public spending and investment will continue to play a crucial role in driving the Thai economy to grow at a rate of 4.0% per year in 2022."

 

               "This is to support and alleviate the burden on citizens who wish to own their homes, promote real estate transactions to create economic stability for the public, and help maintain economic activity levels in the real estate sector and related businesses during the COVID-19 pandemic. Therefore, the Cabinet has extended the reduction of registration fees for residential properties.

                 This includes reducing the transfer fee from 2% to 0.01% and the mortgage fee from 1% to 0.01% (for simultaneous transfer and mortgage) for residential properties and commercial buildings with a selling price and assessed value not exceeding 3 million baht. This applies to single houses, twin houses, townhouses, commercial buildings, and condominiums. The measures will be effective for transfers and mortgages from the day after the Ministry of Interior's announcement is published in the Royal Gazette until December 31, 2022, whereas these measures were originally set to expire in 2021." 

 

                Additionally, there are measures to increase purchasing power for citizens, such as the Shop Dee Mee Khuen 2022 program, measures to alleviate burdens on businesses and/or citizens, such as exemptions from licensing fees for the sale of alcohol, tobacco, and cards under the Excise Tax Act of 2017, reductions in excise tax rates on jet fuel, tax and fee measures to support debt restructuring, and financial measures including the New Year Gift 2022 program from specialized financial institutions, such as low-interest loan programs.

The direction of the Ministry of Finance's economic management to support the recovery of the Thai economy in 2022 will focus on the following:

1. Maintaining economic stimulus from household spending and domestic tourism through various government support measures, with plans to assess and adjust the measures to align with the economic situation moving forward.

2. Driving public spending and investment by expediting budget disbursement and advancing large-scale state infrastructure investments, including investments in special economic zones and transportation infrastructure according to plans. The government will invest over 1.18 trillion baht in various infrastructure projects in 2022, such as the Orange Line electric train project from Cultural Center to Min Buri and the Purple Line project from Tao Poon to Rat Burana by the Mass Rapid Transit Authority of Thailand, as well as supporting public-private partnerships (PPP) and promoting investment in the Eastern Economic Corridor (EEC), special economic zones (SEZ) in 10 provinces, and southern border provinces to stimulate regional investment.

3. Promoting SMEs and Startups by enhancing access to funding sources through financial markets and opportunities for new business through government procurement.

4. Driving the economy according to the BCG Model (Bio-Circular-Green Economic Model), which aims to develop the economy alongside social development and environmental preservation in a balanced manner for stability and sustainability. The Ministry of Finance will support various projects to propel Thailand towards a clean energy society, such as measures to promote electric vehicle (EV) usage and issuing Sustainability Bonds to fund environmentally friendly or social development projects.

5. Supporting exports and imports by focusing on facilitating and speeding up the export and import processes to reduce costs and enhance the efficiency of exporters and importers.

6. Promoting Digital Government in providing public services through electronic systems. The Ministry of Finance has developed and expanded existing systems, including extending the use of digital technology in government management, such as procurement systems, tax collection, and various services to ensure speed, transparency, and budget savings. The Ministry of Finance believes that these actions will contribute to the stable and sustainable recovery of the Thai economy.