"Real estate will not be subject to property tax for the next two years"
Tax industry representatives confirmed that the Law on Property Tax cannot be issued in 2018 and 2019 because it is still in the research phase.
At the Real Estate Forum: Impact from policies held on July 15, Mr. Nguyen Van Phung, Director of the Tax Policy Department, General Department of Taxation said,The Law on Property Tax (which includes taxation of houses and land) is under research and has not yet been included in the law-making program. Therefore, this tax will not be issued this year or next year.
Mr. Phung also emphasized that many countries have applied property tax. However, according to him, all policies must be considered based on the criteria of what is appropriate must be learned and vice versa, what is not appropriate must be ignored.
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"One of the important things is that any tax must come from the reality of people's endurance.Up to this point, real estate property taxation is still at the research level," he emphasized.
Previously, in April, a representative of the Ministry of Finance said that they were proposing to the Government to submit to the National Assembly Standing Committee and the National Assembly to include the Property Tax Law project in the Law and Ordinance Building Program for the 14th National Assembly term.
Accordingly, this unit proposed a tax rate of 0.4% for property tax on apartments, residential land, land for building apartments, business land..., with a value of 700 million VND (calculated for the value exceeding 700 million VND) per year.
According to calculations, if the tax rate is 0.3%, from houses worth 700 million or more, the budget will collect 23,300 billion VND. If the tax rate is 0.4%, the budget will collect 31,000 billion VND. After consideration, the Ministry of Finance still chose to apply the tax rate of 0.4% to "conform to the regulations on property tax rates of other countries, exploit the revenue from property tax well, ensure a stable source of revenue, and achieve the goal of restructuring the budget revenue".
However, later, the Government leader also affirmed that the Property Tax Law is not currently being considered.
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