Thursday , June 13 2024

HCMC seeks to tax second property

Ho Chi Minh City has proposed a new tax on second properties and unused properties to limit speculation and utilize limited resources.

In a draft decree that is being reviewed by the Ministry of Planning and Investment, Vietnam’s largest city listed two new property taxing options.

In the first option, it wants to impose a tax on owners who do not directly use their land and building.

The tax amount and duration will be determined by the Standing Committee of the National Assembly.

In the second option, it wants to impose higher taxes and fees on the second property of each owner, such as registration fees (when purchasing a property), a tax on non-agriculture land, and a personal income tax when selling a property.

The increase amounts will be determined by the city.

Registration fees will be increased from the current 0.5% of a property value to 2%, and the maximum collection will be raised from VND500 million to VND1 billion.

Non-agriculture land fees will not be raised more than five times the current level, and personal income tax will not be raised more than double the current level.

The city will collect the new taxes and will not need to share this revenue with the central government.

The Ministry of Planning and Investment will comment on the proposal before forwarding it to the government for submission to the National Assembly.

The surge in property prices in recent years, mostly due to speculation, has encouraged authorities to find solutions to contain prices to ensure that there is enough affordable housing to meet increasing demand.

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