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Wednesday, June 12, 2024

HCMC suggests raising tax on owners of more than one home

The Saigon Times

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HCMC – The government of HCMC has proposed imposing a higher property tax on people who own a second home but do not use it.

In a draft resolution that would replace Resolution 54 of the National Assembly on a special mechanism for the city, the HCMC government suggested two options.

First, the city would pilot increasing property tax on owners of more than one house or plot of land without using the properties. The Standing Committee of the National Assembly would determine a tax rate, a calculation method and an application period.

Second, it would raise registration fees and taxes on non-agricultural land use and income from property transfers for people with more than one property. The increases would be determined by the city’s government.

The municipal authority said the second option would demotivate speculation on land and houses.

Resolution 54, issued in 2017 by the National Assembly, aims to spur the growth of the southern metropolis. However, the resolution has not been as effective as expected after four years in force.

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