9 February 2021
On January 26, 2021, the Thai government passed a resolution to reduce the government fees that are generally collected for the registration of a sale and mortgage of immovable property. The details of this were subsequently set out in two notifications issued by the Ministry of Interior and published in the Government Gazette on February 2, 2021, taking effect the following day. The notifications will remain in effect through December 31, 2021.
These two notifications, which are part of the government’s relief efforts to soften the economic fallout of the COVID-19 pandemic, specify that government fees for the registration of a sale and mortgage of immovable property are reduced to 0.01% of the official assessed sale price (reduced from 2%) and 0.01% of the mortgage amount (reduced from 1%). In order to qualify for the reduced rates, the sale and mortgage must be registered at the same time, and the sale price and mortgage amount must not exceed THB 3 million (approximately USD 100,000).
The reduced rates only apply to the sale and mortgage of detached houses, semi-detached houses, row houses, commercial buildings, and condominium units, and they must be sold by a licensed developer or authorized government authority.
For further information, please contact:
Chaiwat Keratisuthisathorn, Tilleke & Gibbins
chaiwat.k@tilleke.com
