by Daryl Lum | Aug 20, 2020 | News
Thailand is considering an extension of its state of emergency through September 30th 2020 to prevent a resurgence of a second wave of COVID-19 infections. Thailand has gone almost three months without a local infection.
The one-month extension, if approved by the cabinet, will be the fifth extension since March. The state of emergency allows the government to enforce mandatory quarantine orders and streamline disease-control plans.
Officials in Thailand are wary of the “second wave” of COVID-19 infections that have affected multiple countries across the world. This comes amid an increase in demonstrations against the government in Bangkok. While most of the protestors wear masks, they do not follow physical distancing practices.
Thailand has detected 3,382 infections so far. The emergency decree is focused on avoiding large outbreaks in the kingdom.
Yours sincerely,
The Invest Bangkok Property editorial team
by Daryl Lum | Aug 17, 2020 | News
Thailand’s economy contracted by 12.2% as compared to a year ago. This GDP contraction is the largest since the Asian Financial Crisis more than two decades ago. The contraction, however, was not as severe as the median estimate of a 13% contraction in a Bloomberg survey of economists.
However, the outlook for the Thai economy remains weak as tourism and exports continue to slump from the fallout of the Covid-19 pandemic. This weakness is further compounded by the fact that the Thai Baht has gained more than 6% in the second quarter of 2020, further weakening the demand for Thai exports.
The Thai economic council cut its full-year forecast to 7.3 to 7.8% which is worse than earlier estimates of a 5 to 6% fall.
The government had announced a $60 billion stimulus package to counter the effects of the pandemic on the economy. Exports are expected to fall by 10% this year and second quarter unemployment was at 1.95%, the highest level since 2009 and double the usual rate. Another 1.8 million jobs may still be at risk. The government has already spent over 300 billion baht in cash handouts to keep consumption demand afloat. According to Bloomberg’s economists, tourism, which accounts for about 20% of the Thai economy, is not likely to recover to pre-COVID-19 levels till 2022.
Yours Sincerely,
The Invest Bangkok Property Editorial Team
by Daryl Lum | Aug 2, 2020 | News
Business operators can now bring their foreign visitors into Thailand under Phase 6 of the lockdown easing measures. The Centre for Covid-19 Situation Administration (CSSA) has approved in principle the entry of four groups of foreign nationals and these visitors can resume their visits when local business operators have put in place disease control measures.
These groups are foreign business representatives, specialists, diplomats, migrant workers, exhibitors, film crews, medical tourists and Thailand Elite card members. These groups are required to stay in organisational quarantine facilities that meet disease control standards.
Thailand is gradually opening up and resuming normal business activities. It has coped well with the Covid-19 pandemic so far.
by kevinyeo | Jul 31, 2020 | News
There has been a sharp decline in the number of new condominium projects in Bangkok in the second quarter of 2020, according to a Colliers International Thailand survey.
The survey said only five projects were launched in the Bangkok area, offering 1,206 condo units worth Bt2.6 billion, 79.5 percent lesser than the 4,674 units in the previous quarter. The net supply of condo units in Bangkok in the first six months of 2020 was only 7,086, 61.9 percent lower than the 11,499 units in the same period last year.
The survey also revealed that the investment value in the condo market in the second quarter also dropped by Bt13.62 billion year on year. It estimated that the total condo supply in 2020 might not exceed 25,000 units, which could be the lowest in the last 10 years.
Colliers International said the reason behind this trend is that major developers are reducing the construction of new condominiums and switching to horizontal projects in rural areas, especially in the Eastern Economic Corridor.
“Many companies also revealed that they will not introduce new projects this year in order to dispose of unsold units in finished condo projects,” said the company.
“Furthermore, the current economic recession due to the impact of the Covid-19 outbreak is not a suitable moment to debut a new project.”
Source: The Nation Thailand 4th July 2020
by Daryl Lum | Jul 2, 2020 | News
Thailand has eased a ban on international passenger flights into the country on the 1st of July 2020. It had earlier imposed the ban on the 4th of April.
The Civil Aviation Authority of Thailand will permit international passenger flights to operate into Thailand carrying 11 permitted categories of passengers:
- Thai nationals
- Persons with an exemption or persons being considered, permitted or invited by the Prime Minister, or the head of responsible persons accountable for resolving state of emergency issues to enter the Kingdom, as necessary. Such consideration, permission or invitation may be subject to specified conditions and time limits.
- Non-Thai nationals who are a spouse, parents, or children of a Thai national.
- Non-Thai nationals who hold a valid certificate of residence, or permission to take up residence in the Kingdom
- Non-Thai nationals who hold a valid work permit or are allowed to work in the Kingdom, including their spouse or children.
- Carriers of necessary goods, subject to immediate return after completion.
- Crew members who are required to travel into the Kingdom on a mission, and have a specified date and time for return.
- Non-Thai nationals who are students of educational institutions approved by Thai authorities, including the parents or guardians of the students.
- Non-Thai nationals who are in need of medical treatment in Thailand, and their attendants. However, this shall not include medical treatment for COVID–19.
- Individuals in diplomatic missions, consular affairs, international organizations, government representatives, foreign government agencies working in Thailand, or individual in other international agencies as permitted by the Ministry of Foreign Affairs, including their spouse, parents, or children.
- Non-Thai nationals who are permitted to enter the Kingdom under a special arrangement with a foreign country.
Yours sincerely,
The editorial team at Invest Bangkok Property
by Daryl Lum | Jun 3, 2020 | News
In light of the COVID-19 situation, the Thai government has cut the tax of land and buildings by 90% for the taxes due in the tax year 2020. This is to relieve the burden on taxpayers.
The Thai government would also help local administrative organisations financially as well. These local administrative organisations rely on the collection of land and building taxes for their own expenses.
For most overseas property investors, you will not be affected by the Land and Building Tax Act. Under the existing law, first-home owners are already tax-exempted for the value of land and buildings up to 50 million baht, and 10 million baht if they only own the structures but not the land. Thus for condominiums, if you own one property and if that property is less than 10 million baht, you will not be taxed. If the value is higher than 10 million baht, then the tax rate will be 0.02%.
For example, if your property is 15 million baht, the tax payable will be 0.02% x 15 million = 3000 baht.
With the 90% cut, you will pay 300 baht.
Hope this is clear to everyone.
For an in-depth article of the Land and Building Tax Act, you can refer to this article:
Thailand’s new Land and Building Tax Act. Details and potential impact on the market.
Yours Sincerely,
The team at Invest Bangkok Property
