The Ministry of Finance is continuing to study the proposal for a second real estate tax.

Imposing a tax on second properties is one of many measures to help the real estate market develop transparently and sustainably.

Responding to the petition of voters in Dong Nai province regarding the proposal to levy a second real estate tax, the Ministry of Finance said it is continuing to research and synthesize international experience, identifying obstacles and shortcomings in the process of implementing the regulations. tax policy related to real estate in the past to report to competent authorities at the appropriate time, ensuring compliance with Vietnam's socio -economic conditions and international practices.

Accordingly, voters believe that imposing taxes on second real estate is one of many measures to help the real estate market develop transparently and sustainably, and should not become a barrier to real estate development and risk creating social disagreement. Therefore, voters recommend that the Government should study comprehensive solutions to limit speculation, minimize adverse impacts on the real estate market, and at the same time create consensus from the people.

In response to voters' petitions, the Ministry of Finance affirmed that current laws clearly stipulate real estate, including land, houses and construction works attached to land, other related assets, and assets recognized by law.

To manage real estate ownership and use, the State has applied many fees at different stages, the stage of establishing ownership and use rights (land use fees, land rent in case of one-time or annual payment, registration fee); the stage of use (non-agricultural land use tax, agricultural land use tax, periodic land rent); the transfer stage (personal income tax, corporate income tax, value added tax).

However, the Ministry of Finance also said that revenues during the real estate use period are not currently applied to housing - a difference compared to other types of assets.

The Ministry of Finance said it is conducting research based on major policies of the Party and State. Specifically, Resolution No. 18-NQ/TW dated June 16, 2022 of the 13th Party Central Committee emphasized the innovation and improvement of land management policies to create momentum for Vietnam to become a high-income developed country. At the same time, plans of the National Assembly Standing Committee (Plan No. 81/KH-UBTVQH15) and the Prime Minister (Decision No. 2114/QD-TTg) also aim to promote a transparent, stable and sustainable real estate market.

The Ministry of Finance is continuing to research and synthesize international experience, identify difficulties and shortcomings in the implementation of tax policies related to real estate in the past to report to competent authorities at the appropriate time, ensuring consistency with Vietnam's socio-economic conditions, international practices as well as the consistency of the tax policy system related to real estate and placed in the overall reform of the tax policy system in the period of 2021-2030.

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