Ms Traisuree Taisaranakul said the Royal Gazette on Monday (Jan 17) published announcements by the Interior Ministry to reduce the property transfer fees from 2% and the mortgage fee from 1% to 0.01% for both, reports state-run news agency TNA.
The new cuts came into effect on Tuesday (Jan 18), she said.
The reduction was aimed at stimulating the economy, maintaining economic activities in the property sector and related business and supporting the liquidity of debtors and business operators, Ms Traisuree noted.
The fee reduction applies to the people who trade properties valued at not over B3 million and those who have a mortgage of not over B3mn in a single transaction from Jan 18 until Dec 31 this year.
The Finance Ministry believed the measure would lead to trade in properties worth B291 billion and a 0.58% increase in the gross domestic product, Ms Traisuree said.
The government will also cut the fees for debt restructuring for five years from Jan 18 this year to Dec 31, 2026, she added.