Tax people based on how many properties they own: Party decree

By Viet Tuan June 25, 2022 | 12:12 am PT

Real estate buildings seen in Ho Chi Minh City in October 2021. Photo by VnExpress/Quynh Tran

People with large land holdings and multiple properties should be taxed higher than those with smaller holdings to prevent hoarding and speculation, the Communist Party’s Central Committee has said.

It said in a new decree that low-income and ethnic people should get land-use tax and fee cuts.

Information about property be publicized and transaction should increasingly be made cashless to ensure a healthy market and prevent speculation, it said.

The decree only allows land acquisition after a plan to relocate and support inhabitants is approved.

It stipulates that relocation areas should be built first and relocated people should have an equal or better quality of life in the new area.

It abandons the use of official land prices, and said instead they would be determined by the market.