Experts said taxing profits would be ideal, but is too challenging due to household businesses'' lack of accounting systems. Most operate informally, without financial statements or detailed cost tracking, making profit figures difficult to verify and vulnerable to manipulation.
The proposal was raised in the report of the municipal People’s Committee about the development of a resolution suggesting specific mechanisms and policies for the southern city.
The idea of taxing those owning multiple houses, in a bid to prevent speculation, is causing a stir over whether such a tax is feasible, and the impact it might have on the housing market.
