The cabinet meeting on Tuesday 20, September 2011 has come to the following decision:
The Cabinet approved the Draft Royal Decree on Land Zoning to designate tambol Naprako, district Bangkaew, Phattalung province as area for land reform. The Office of the Council of State approved the Ministry of Agriculture and Cooperative’s proposal to implement this matter.
Gist of the Royal Decree: Specify area for land reform for tambol Naprako, district Bangkaew, Phattalung province within the boundaries of the map annexed to the Royal Decree
The cabinet approved revising the cost of production for UHT T milk Thai-Denmark; Emblem of the Ministry of Justice of the Organization for the Promotion of Dairy Farming of Thailand as follows: 250 ml bottle (for fiscal year 2012 ) from the original price of 9.50 baht to 9.60 baht each from 1 October 2012 onwards.
The additional 0.10 baht / box in price are due to the price increase of 200 mm bottle of milk. For the upcoming fiscal year, the Department of Juvenile and Youth Observation and Protection will manage this matter within the budget approved by the Bureau of the Budget.
The Cabinet approved the budget for the construction of a new Parliament building in the Dusit area of Bangkok as proposed by Secretariat of the House of Representatives.
In this regard, the Secretariat of the House of Representatives has considered the most effective and efficient allocation of the budget in implementing this project
The Cabinet acknowledged the immediate actions taken to resolve and mitigate problems caused by floods in the central region as informed by Ministry of Natural Resources and Environment. Actions that have been taken should be completed as soon as possible. As for plans that has not been carried out, proposals should be presented to the Committee on Managing and Resolving Floods, Mudslides and Droughts at the committee’s next meeting.
The Cabinet approved tax measures to assist homeownership as proposed by the Ministry of Finance.
The Ministry of Finance propose to assist low-income citizens to have their own homes by alleviating tax burden on those who the means to purchase real estate units, land or condominium units. There would be income tax exemption on income after expenses. The purchase real estate, land and /or condominium units are in accordance with the following conditions:
1) The amount of money paid for the purchase of real estate and or condominium unit for housing exceeding no more than 10 percent of the buildings and land property values?? or not exceeding 500,000 Baht.
2) The right to tax exemption in equal amounts over 5 consecutive years in terms of the actual amount paid, but not exceeding 500,000 Baht. (Right to tax deduction can be used immediately or in the following year).
3) Price of real estate unit, land and condominium shall not exceed 5 million Baht.
4) Individuals with means to purchase a home must not have previous ownership of a home nor have registered as “host” in housing certificate. The exception being evidence proving that the individual or spouse is not the owner of the resident as stated in the housing certificate.
5) Individuals with the means to purchase a home and a spouse is afforded tax benefits on only one purchase of real estate, land or condominium unit.
6) Individuals with means to purchase must not have exercised the right to home loan interest deduction nor have purchased or leased real estate property.
7) Individuals with means to purchase must not have exercised the right to monetary exemption from the purchase of real estate, land or condominium unit as a place of resident in accordance with the Ministry of Finance’s Regulation 271 (Year 2009)
8) Individuals with means to purchase must have exercised the right to monetary exemption from the sale of and purchase of a resident as stated in the Ministry of Finance Regulation 241 (2003)
9) With regard to loans, those taking out loans and have ownership of a resident as well as exercised the right for deductions and exemption with the Revenue Department will not be receive tax exemption with money used to purchase the loan.
10) Registration of ownership of a real estate property is required and must be completed between 21 September 2011 — 31 December 2012
11) The name of the individual with means to purchase must be registered for ownership of real estate purchased for no less than 5 years from the day of registration. Also, the purchased real estate must not have been registered before
--Cabinet Meeting (Yingluck Shinawatra) September 20, 2011--