Friday , April 12 2024

No tax on 2nd property, ministry urge

The Ministry of Planning and Investment has advised HCMC not to tax the second property owned by people as it “does not guarantee fairness in many situations.”

It said while the proposed tax is meant to increase the city’s revenues and limit speculation, it could hurt people with two small, low-priced properties while leaving those with a single large and expensive property untouched.

The lack of digitization of property administration would create legal loopholes as buyers could register their properties in others’ names to evade the tax, it said.

The tax could hit demand, it added.

Ho Chi Minh City authorities have proposed a trial plan to collect taxes on second properties to create more funds for the municipal budget.

In a draft proposal suggesting trial development policies for Ho Chi Minh City, the municipal People’s Committee said the city’s income could be increased by collecting taxes for land use and property ownership on property owners who own more than one piece of real estate.

Industry insiders have opposed the tax saying a roadmap is needed for its imposition, and a tax payer database should be completed first to clearly identify those who own more than one property.

Critics fear that with the property market already in a slump, additional expenses for buyers could be the last straw that sinks it.

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