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Thai Cabinet Approves Economic Stimulus Measures.
Dec. 4--Even critics of the Thaksin Shinawatra government concede that its strategy of focusing on the domestic economy and community development has been remarkably prescient, considering the turmoil abroad.
The latest economic stimulus measures approved yesterday by the cabinet reinforce this overall concept.
Tax waivers have been extended to cover the first 80,000 baht in income, up from 50,000 baht, a politically popular measure that will help increase disposable income for all taxpayers, with the greatest impact on low-income earners.
Tax reductions on housing sales and transactions, originally set to expire this year, have also been extended by one year. A more significant move comes from the announcement that capital gains tax liability incurred from the sale of a house to purchase a new home would be waived, up to a limit of the price of the new home.
The property market, one of the hardest hit by the 1997 economic crisis, has enjoyed a strong recovery over the past few years, aided by state stimulus measures and low interest rates.
The pickup in transactions, asset values and new home starts in turn has helped a variety of related industries, from cement to building materials to home appliance sales.
Finance Minister Somkid Jatusripitak said the new measure would directly boost consumption and the overall economy by putting more funds into people's pockets.
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