Revenue from personal income tax and registration fees associated with real estate transactions in HCM City has surged by 50 per cent to reach over VNĐ6.54 trillion (US$257.6 million) in the first nine months, according to data from tax authorities.
The proposal was raised in a draft report on the programme of developing laws and ordinances in 2024, which will be submitted to the Government for consideration.
The Ministry of Construction (MoC) has proposed to study and complete tax suitable policies for real estate, thus encouraging effective use of houses and land, limit speculation, and ensure State budget revenue.
While some experts suggest tax measures can help stabilise the property market in the short term, some say the current tax is not enough to cool speculation and reduce real estate prices, but increasing supply will help.