Recently, voters in Dong Nai province have expressed their interest in the proposal to levy a second real estate tax. This issue has caused many conflicting opinions in public opinion.
Voters believe that real estate taxation should only be considered as one of the measures to develop a transparent and sustainable real estate market. This policy should not become a barrier to the market or cause disagreement in society. At the same time, voters recommend that the Government should have reasonable solutions to limit speculation, avoid negative impacts on the real estate market, and ensure social consensus.
Viewpoint from the Ministry of Finance
Responding to the petition of voters in Dong Nai province, the Ministry of Finance said that the current law stipulates that real estate includes land; houses and construction works attached to land; other assets attached to land, houses and construction works; and other assets as prescribed by law.
Accordingly, the State has issued real estate-related revenues in all three phases:
Establishing ownership and use of real estate: Land use fee, one-time land rent, registration fee.
Real estate use: Non-agricultural land use tax, agricultural land use tax, annual land rent.
Real estate transfer: corporate income tax, personal income tax, value added tax.
However, the Ministry of Finance said that the revenue during the real estate use phase is not currently applied to housing.
“The Ministry of Finance is continuing to research and synthesize international experience, identifying shortcomings in the implementation of tax policies related to real estate. The results will be reported to competent authorities at the appropriate time, ensuring consistency, conformity with Vietnam's socio-economic conditions and international practices,” the Ministry of Finance emphasized.
Proposal from the Ministry of Construction and the National Assembly
Previously, in September 2024, the Ministry of Construction in a report sent to the Government Office also proposed studying a tax policy for people who own many real estates. The Ministry emphasized that the policy should aim to limit speculation and short-term buying and selling for profit.
In the Housing and Real Estate Market Information Report for the third quarter of 2024, the Ministry of Construction continues to recommend that the Ministry of Finance soon study the second real estate tax policy and the policy on abandoned houses and land.
This proposal comes amid continued strong growth in real estate prices in 2024.
Sharing the same view, the National Assembly's Supervisory Delegation in its supervision report on real estate market management policies from 2015 to 2023 recommended early amendments and supplements to tax laws. The Delegation emphasized the need to impose higher tax rates on those who own large areas of land and houses, or who delay putting land into use or leave land fallow.
International experience and practical lessons
The study of the second real estate tax policy needs to be careful, ensuring that it is consistent with socio-economic conditions and international practices, avoiding putting pressure on the market. Experts warn that if implemented without a basis or at the wrong time, the policy could lead to a sell-off, causing instability in the market.
In the current period, perfecting real estate tax policy is necessary to aim for sustainable development, transparency and limit speculation.
