Finance ministry to raise taxes on land and housing
The Ministry of Finance (MoF) has recently approved a scheme for tax reform until 2030, under which taxes on land and housing will be raised. Under the scheme, the first draft law on property will be submitted to the National Assembly in 2023 and is expected to be adopted next year. Afterward, MoF will issue additional legal documents to elaborate the law.
Taxes on land and housing in Vietnam stand at just 0.03%, far lower than those in other countries, at between 1 and 1.5%. The rise in taxes is expected to add substantially to the State budget and bridge the tax gap, said Dang Hung Vo, former Deputy Minister of Natural Resources and Environment.
