Tax policies for property sector must be carefully studied: Ministry
Tax policies for the real estate sector must be carefully studied and introduced at the appropriate time to ensure feasibility and limit speculation, according to the Ministry of Finance.
The Ministry of Finance said that it was necessary to give careful consideration to any tax policies on the real estate sector. (Photo: VNA)
Hanoi (VNS/VNA) - Taxpolicies for the real estate sector must be carefully studied and introduced atthe appropriate time to ensure feasibility and limit speculation,according to the Ministry of Finance.
This was the ministry’s response toa proposal from the Ho Chi Minh City Real Estate Association that theGovernment should tax the conversion of agricultural and non-agricultural landto residential land at a rate of about 15-20 percent.
The association said it wasnecessary to tax the conversion of land-use purposes, which would help increaseState budget revenue.
The proposal was raised in thecontext of land price fever which has occurred in many localities recently andwas attributed partly to speculation.
The finance ministry said thecurrent tax policy system covering the real estate sector was quite adequate,including the taxes and agricultural land use, non-agricultural land use,income tax on transactions of property assets, registration fee and other fees.
The established tax collectionpolicies fully covered the process of forming, owning, using and transferringreal estate assets and encouraged organisations and individuals to use propertyassets with efficiency and contributed to limiting speculation and preventingwasteful use of land, it said.
Still, it was necessary to continueimproving the tax policy system on the real estate sector, the ministry said,adding that the property sector was very huge and influential on the economyand required the participation and contribution of many ministries, agencies andlocalities in making policies.
The finance ministry stressedthat careful consideration and evaluation must be given to making policiesfor the real estate sector before submission to authorities for issuance atappropriate times to ensure feasibility and high consensus as well ascontributing to limiting speculation.
The Ministry of Finance is studyinginternational experience in taxing the real estate sector and identifyingproblems in the tax policy enforcement for amendments as part of efforts to implementthe tax policy system reform strategy in 2021-2030./.
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The Ministry of Finance said that it was necessary to give careful consideration to any tax policies on the real estate sector. (Photo: VNA) 
