Ministry drafts bill for progressive tax on property

Ministry drafts bill for progressive tax on property

The Ministry of Finance says it is working on a land and housing tax bill that will impose progressive taxes on those who own large amounts of property.

The law, to be submitted for approval next year, is expected to curb speculation in real estate and help complete a legal framework to create transparency and stability to aid the market’s sustainable development. In a report released at a financial conference on December 3, the ministry admitted the property market’s development has been somewhat unplanned and unhealthy. The ministry said it would focus on amending legal documents to speed up issue of land use rights to increase the land traded on property trading floors. It would encourage the use of land for construction, boosting economic development. Furthermore, it said, the public disclosure of urban development plans and what the land would be used for are vital for improving the transparency in the market. Source: VNA