Monday , March 27 2023

HCMC calls off plan to tax 2nd property

Ho Chi Minh City has scrapped a proposal to tax the second property owned by people it had been considering to reduce speculation.

It has also given up plans to hike non-agriculture land and the income tax rate for selling a second property.

The Ho Chi Minh City Real Estate Association had last week urged the city not to impose the taxes in the next two years, warning it would increase the burden on citizens amid the difficult economic situation and falling incomes.

The Ministry of Finance had said the proposed taxes are not equitable since it would burden people with two small properties while not taxing those with one large property.

Industry insiders opposed the tax saying a roadmap and tax payer database were needed for its imposition.

Other critics said additional expenses for buyers could be the last straw that sinks a property market that is already in a slump.

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