A view of high-rise buildings around Ngoc Khanh area in Hanoi (Illustrative image. Source: VNA) Hanoi (VNA) – The Ministry of Finance has proposed a tax on houses depending on their construction value as part of a draft law on property tax. Under the proposed law, there are two options: imposing tax on houses with construction value of either more than 700 million VND (30,800 USD) or 1 billion VND (44,000). The proposed tax rate is 0.3 or 0.4 percent annually, with only the surplus construction value above the proposed threshold to be taxed. For example, if the threshold is set at 700 million VND, the owner of a 1.7 billion VND (74,800 USD) house would have to pay tax on 1 billion VND, equivalent to 3-4 million VND (132-176 USD) per year. The construction value of a house is determined by factors including its type, scale and how many years it has been in use since construction. If the tax on houses worth more than 700 million VND is applied, the finance ministry will be able to collect property tax of about 23.3 trillion VND (1.01 billion USD) to 31 trillion VND (1.4 billion USD) per year. If the… Read full this story
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