Sunday , May 19 2024

Finance ministry wants cut in land-use fees

The Ministry of Finance has called for extending through 2023 the 30% reduction in land-use fees made last year to support economic recovery.

It said this year many sectors such as property, agriculture and mining are set to face challenges due to tightened spending and declining demand, and so the is necessary to support them.

Last year the reduction left VND3.5 trillion (US$149.33 million) in the hands of property owners.

Land in Vietnam is collectively owned by the people, and those who acquire land-use rights for a property need to pay fees to the government.

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