11 cases where houses will be exempt from property tax even though the value is greater than 700 million

Illustration photo.

The first, land, housing of investment projects in sectors with special investment incentives; investment projects in areas with special socio-economic difficulties; investment projects in sectors with investment incentives in areas with socio-economic difficulties; land of enterprises employing over 50% of their employees who are war invalids, sick soldiers, and people with disabilities.

Monday, land of facilities implementing socialization for activities in the fields of education, vocational training, healthcare, culture, sports, and environment.

Tuesday, residential land within the new residential land allocation limit, housing of revolutionary activists before August 19, 1945; war invalids of class 1/4, 2/4; people enjoying policies like war invalids of class 1/4, 2/4; sick soldiers of class 1/3; heroes of the people's armed forces; heroic Vietnamese mothers; biological fathers, biological mothers, people who raised martyrs when they were young; wives and husbands of martyrs; children of martyrs who receive monthly allowances; revolutionary activists infected with Agent Orange; people infected with Agent Orange whose family circumstances are difficult.

Wednesday, land for building houses of gratitude, houses of great solidarity, facilities for caring for lonely elderly people, people with disabilities, orphans; social medical treatment facilities.

Thursday,Residential land within the new residential land allocation limit, housing in areas with especially difficult socio-economic conditions.

Friday,Residential land within the new residential land allocation limit, housing for poor households according to Government regulations.

Saturday, land with garden houses certified by competent state agencies as historical and cultural relics.

Eighth, social housing; public housing.

Ninth, types of state-owned housing as prescribed in the Housing Law.

Tenth,Taxpayers encounter difficulties due to force majeure events if the damage value of taxable assets is over 50% of the taxable value.

The tenth gravet, taxpayers with annual tax payable of 50,000 VND or less.

The draft also stipulates 4 additional cases of 50% tax exemption.

The first, land and housing of investment projects in encouraged investment sectors; investment projects in areas with difficult socio-economic conditions; land of enterprises employing from 20% to 50% of the workforce being war invalids, sick soldiers, and people with disabilities.

Monday, residential land within the new residential land allocation limit, housing in areas with difficult socio-economic conditions.

Tuesday, residential land within the new land allocation limit, housing for war invalids of grade 3/4, 4/4; people enjoying policies like war invalids of grade 3/4, 4/4; sick soldiers of grade 2/3, 3/3; children of martyrs who are not entitled to monthly allowance.

Wednesday, taxpayers encounter difficulties due to force majeure events if the damage value of taxable assets is from 20% to 50% of the taxable value.

The Ministry of Finance's draft Property Tax also stipulatesThe principle of tax exemption and reduction needs to ensure fairness, transparency and consistency in determining cases of tax exemption and reduction. It is proposed to stipulate the principle of property tax exemption and reduction as follows:

Taxpayers who are entitled to both tax exemption and tax reduction shall be exempted from tax; taxpayers who are entitled to two or more tax reductions as prescribed by this Law shall be exempted from tax.

Taxpayers are only entitled to tax exemption or reduction at a place of their choice.

Taxpayers with many investment projects eligible for tax exemption or reduction shall apply the exemption or reduction for each investment project.

Tax exemption and reduction only apply directly to taxpayers and are calculated only on the amount of tax payable as prescribed.