The Finance Ministry plans to study fiscal measures that can create economic momentum following the implementation of the digital wallet stimulus project.
Finance permanent secretary Lavaron Sangsnit said fiscal measures are needed to maintain continuity and sustain economic momentum after the launch of the digital wallet scheme.
"We need to consider continuity and observe the momentum of the economy. If the digital wallet is implemented, it would significantly boost the economy and create momentum. We want this momentum to be sustained, so we need to prepare fiscal measures and have time to allow us to do our homework," he said.
"We will not miss this golden opportunity as our economy has started to pick up. We do not want it to decline again. If it does decline, we don't know how much money it will take to revive it."
According to Mr Lavaron, in the latter half of this year the economy is expected to benefit from the property stimulus measures previously introduced by the ministry.
He said the property measures received positive feedback from the public, including the "Happy Home Loan" scheme by the Government Housing Bank, which has an ample waiting list for transfers.
The scheme offers low-interest loans totalling 20 billion baht for purchasing residential properties or building homes on self-owned land.
The interest rate is fixed at 3% for five years.
The maximum credit limit per borrower is 3 million baht, with a maximum repayment period of 40 years.
Applications can be submitted until Dec 30, 2025, or until the credit limit is depleted.
Mr Lavaron said the fiscal sector is now operating at full throttle, with the ministry ensuring that each measure issued takes into account the economic value compared with any financial loss that may result.
On April 9, the cabinet endorsed a raft of measures to promote home ownership and stimulate the real estate sector and related businesses.
The measures include reducing the transfer fee from 2% to 0.01% of the transaction value, and slashing the mortgage registration fee from 1% to 0.01% of the transaction value.
The measures apply to the sale of residential properties such as single houses, duplexes, townhouses, commercial buildings, land with buildings and condo units, with a purchase price and assessed property value not exceeding 7 million baht.
The measures are limited to Thai nationals and expire on Dec 31, 2024.
Individual taxpayers who want to construct a house can benefit from a personal income tax deduction for construction expenses paid to contractors.
For every 1 million baht spent on house construction, they can receive a tax deduction of 10,000 baht, up to 100,000 baht. This applies to construction expenses incurred from April 9, 2024 until Dec 31, 2025.
The Fiscal Policy Office (FPO) expects the new property measures to increase GDP by 1.7-1.8 percentage points, with a total property transaction value of 800 billion baht and estimated new investment of 400-500 billion baht.
The tax breaks are estimated to stimulate spending of 120 billion baht, according to the FPO.