Effective spending required for people’s acceptance of new property tax proposalThe Ministry of Finance has proposed imposing a new tax on people who own property worth VNĐ700 million ($31,000) or more. That includes a 10 per cent value added tax, 0.5 per cent land use tax and some other extra fees for necessary registration procedures. Alternative approachDang Hung Vo, former deputy minister of environment and natural resources, agreed with the property tax proposal. However, he argued the housing property tax should adopt an area-based approach rather than a value-based approach. A reconsideration and thorough review of the property tax proposal based on this approach would be better accepted by the people.

Source: VietNamNet News April 21, 2018 08:37 UTC