New property tax won’t stop speculation, lawmakers say
21/11/2009 06:47 pm
Laws - Legislators said Friday that a new property tax system proposed by the government would not reduce speculation on the real estate market as the rate was not a large enough to act as a deterrent.
Under the latest property draft law submitted to the National Assembly on Friday, a homeowner would have to pay an annual property tax of 0.03 percent based on the assessed value of the house, with a tax-free threshold of VND500 million. A home value would be assessed based on total construction costs.
Housing area exceeding the official quota, 120 square meters per four-member family, would be taxed progressively at 0.06 percent and then 0.09 percent.
There is currently no housing tax in Vietnam. The new tax system aims to curb property speculation and ensure economical use of land in the country when it comes into effect at the beginning of 2011, the government said in a report.
The National Assembly Finance and Budget Committee said Friday it generally supported the draft law. However, many committee members doubted the impact the new housing tax would have on property speculation, Committee Chairman Phung Quoc Hien said.
Hien said the new tax system would not be able to deter speculation because the tax payments would be low compared to the profits that speculators could earn. The committee therefore suggested the maximum tax rate be set higher than 0.09 percent.
The Finance and Budget Committee also said the government needs to assign an agency to assess the value of houses.
The government expects the property tax law to be passed by the National Assembly next year, however some legislators said 2012 would be a better time to put the new tax into practice.
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Under the latest property draft law submitted to the National Assembly on Friday, a homeowner would have to pay an annual property tax of 0.03 percent based on the assessed value of the house, with a tax-free threshold of VND500 million. A home value would be assessed based on total construction costs.
Housing area exceeding the official quota, 120 square meters per four-member family, would be taxed progressively at 0.06 percent and then 0.09 percent.
There is currently no housing tax in Vietnam. The new tax system aims to curb property speculation and ensure economical use of land in the country when it comes into effect at the beginning of 2011, the government said in a report.
The National Assembly Finance and Budget Committee said Friday it generally supported the draft law. However, many committee members doubted the impact the new housing tax would have on property speculation, Committee Chairman Phung Quoc Hien said.
Hien said the new tax system would not be able to deter speculation because the tax payments would be low compared to the profits that speculators could earn. The committee therefore suggested the maximum tax rate be set higher than 0.09 percent.
The Finance and Budget Committee also said the government needs to assign an agency to assess the value of houses.
The government expects the property tax law to be passed by the National Assembly next year, however some legislators said 2012 would be a better time to put the new tax into practice.
Source: Thanh Nien
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