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Vietnam plans to tax second home owners

Xinhua, November 1, 2016 Adjust font size:

Vietnam is likely to impose taxes on owners of at least two houses or apartment before 2020, local media on Tuesday quoted a finance official as saying.

Taxing multiple house or apartment owners will be included in the Law on Asset Taxes to regulate national assets, preventing them from being left unused for years, and to increase the state budget, daily newspaper Tuoi Tre (Youth) quoted an unnamed official from the Finance Ministry as saying.

To effectively tax multiple house or apartment owners, local experts proposed that Vietnam should build up a nationwide database about land and realty. They also proposed heavy taxes on owners of unused apartments and villas to prevent real estate speculation, eventually helping lower housing prices, like Iceland has done. Endit