Tax policies with a view to levying more taxes on land and home to be considered in Vietnam

Considering tax policies with a view to levying more taxes on land and home is a tax policy reform solution of the Tax System Reform Strategy to 2030 approved at Decision 508/QD-TTg dated 23/4/2022 in Vietnam

Tax policies with a view to levying more taxes on land and home to be considered in Vietnam (illustration)

The specific objectives and assignments of the Stategy are to completely align Vietnam's tax policy system with the standards of a good tax system to ensure it is in line with international practices and, at the same time, meet resource requirements for the implementation of the 10-year socio-economic development strategy for the 2021 – 2030 period, including the following main taxes, fees and charges:

+ Value-added tax;

+ Special consumption tax;

+ Import and export duty;

+ Corporate income tax;

+ Personal income tax;

+ Severance tax;

+ Agricultural land tax;

+ Non-agricultural land tax;

+ Environmental protection tax;

+ Fees, charges and other collections remitted into the state budget.

To achieve this goal, one of the solutions to implement the Strategy is to reform tax policy, in which, for property-related taxes (including agricultural and non-agricultural land use taxes):

- Continue to grant exemption from agricultural land use tax until the end of 2025 to contribute to the implementation of the Party and State's guidelines on agricultural and rural development in Vietnam.

- Complete general review reports on implementation of non-agricultural land use tax policies. On such basis, study and complete these tax policies with a view to levying more taxes on land and home in order to encourage the effective use of real property, contributing to limiting the speculation in real estate, and ensuring a reasonable and stable source of revenues remitted into the state budget and conformity with Vietnam's socio-economic condition and international practices.

- Concurrently, develop tax policies to ensure that they are simple, easy to understand, easy to be used for identifying items subject to property tax, tax amounts payable, and in line with provisions of land law and regulations of relevant law in Vietnam,...

See more at Decision 508/QD-TTg dated April 23, 2022.

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