National Assembly requests early proposal of higher tax rates for people with many properties

This content is shown in the Resolution on continuing to improve the effectiveness and efficiency of implementing policies and laws on real estate market management and social housing development, which was recently voted by National Assembly deputies with 421/423 deputies participating in the vote in favor (accounting for 87.89% of the total number of deputies), in the working session early this afternoon, November 23, at the 8th Session.

Slow land valuation is the main problem causing many projects to stagnate.

The National Assembly basically approved the content of Report No. 681/BC-DGS dated October 23, 2024 of the National Assembly's Supervisory Delegation on the results of the supervision of "Implementation of policies and laws on real estate market management and social housing development from 2015 to the end of 2023".

In addition to the achieved results, the National Assembly believes that some legal documents are still overlapping, inconsistent, and not synchronized; some documents detailing the implementation of the law are slow to be issued, are of low quality, and do not anticipate all problems arising in practice; some regulations are not suitable to reality, are slow to be reviewed, revised, and supplemented, are unclear, and do not have regulations to adjust and guide.

National Assembly deputies vote to pass the draft resolution during the working session on the afternoon of November 23.

Planning is slow to be issued, the quality is not high, there are still contradictions between plans; regulations on assessing the conformity of investment projects with planning, on handling in case of contradictions between plans are still inadequate; the planning adjustment process is lengthy.

“ The slow land valuation situation occurring in many localities is the main obstacle leading to the stagnation of many real estate projects. Many real estate projects have not been able to complete investment and construction procedures because they have to wait for state management agencies to review legal issues and land valuation… ”, the resolution stated.

In the period of 2022 - 2023, the real estate market declines; supply decreases sharply compared to the previous period; real estate prices increase many times higher than the average income increase of the majority of people; a large number of housing real estate projects encounter obstacles, are behind schedule, are slow to implement, are stalled, causing waste of land and capital, increasing costs for investors, increasing product prices; tourism and accommodation real estate are almost "frozen", continuing to encounter legal problems.

Regarding social housing, in addition to the achieved results, the legal system still lacks stability; some legal regulations on social housing development have not been specifically guided; there are still contradictions and overlaps between legal documents causing difficulties in implementation; the application of legal regulations is still complicated, there are still different interpretations, and it is necessary to provide guidance many times, especially for the application of transitional regulations.

Many targets for social housing development in the National Housing Development Strategy to 2020 and Vision to 2030 have not been achieved. The supply of social housing is still limited, the selling price is high, and the regulations on conditions for people to access policies are complicated and difficult to implement.

The arrangement of independent land funds for social housing development in many localities does not meet requirements; some localities have not paid attention to and allocated adequate resources for social housing development.

" The above-mentioned shortcomings and limitations have both objective and subjective causes, but mainly subjective causes, " the National Assembly assessed.

Increase housing supply suitable for the income of the majority of people

Based on the above reality, the National Assembly assigned the Government to immediately carry out many tasks and solutions. In particular, focusing on directing ministries, ministerial-level agencies, and localities to complete the issuance of detailed regulations and implementation instructions according to assigned authority for newly issued laws related to real estate market management and social housing development such as the 2023 Law on Real Estate Business, 2023 Housing Law, 2023 Bidding Law, 2024 Land Law, etc.

The National Assembly requires appropriate solutions and a complete handling of real estate projects facing difficulties, legal problems, and stagnation; not "criminalizing" economic and civil relations; clarifying the meaning of "not legalizing violations".

The Resolution also clearly states the continued effective implementation of housing support programs under the National Target Program and public housing investment programs. Implement specific solutions to effectively implement the Project "Investing in the construction of at least 1 million social housing apartments for low-income earners and industrial park workers in the period 2021 - 2030" to ensure progress, quality and suitability to the needs, working and living conditions of beneficiaries.

Have practical solutions to renovate old and degraded apartments; review resettlement housing projects and works, have appropriate solutions to promptly overcome the situation of slow implementation, avoiding waste.

The National Assembly also assigned the Government to direct ministries, branches and localities to take regulatory measures to diversify products for the real estate market, harmonize supply and demand, increase real estate supply suitable to the income of the majority of people, meet housing needs and ensure social security.

“ There must be fundamental, long-term solutions to bring real estate prices back to their intrinsic value, prevent manipulation, and use of land use rights auctions to create price “fever” , the resolution emphasized. At the same time, focus on developing social housing for rent in urban areas using public investment capital; arrange state budget capital to implement policies to support the purchase and hire-purchase of social housing.

“ Soon study, propose amendments, supplements, and promulgate new tax laws, with provisions on higher tax rates for those who use large areas of land, many houses, are slow to use land, or leave land fallow, ensuring consistency with the innovative contents of land laws, improving the efficiency of land management and use, achieving the goal of income redistribution and mobilizing reasonable and stable revenue sources for the state budget, on the basis of referring to international practices and in accordance with Vietnam's socio-economic conditions ”, the resolution stated.

At the same time, resolutely handle cases of land that has been allocated or leased by the State but is slow to be put into use, not used, used wastefully or used for the wrong purpose, illegally, or by investors with weak capacity and unable to complete.

The National Assembly assigned the Government to issue a plan to implement this Resolution in the first quarter of 2025, clearly identifying the presiding agency, coordinating agencies, progress and ensuring funding for the implementation of tasks; send the plan to the National Assembly Standing Committee and National Assembly agencies for supervision.

Based on the Government's plan, ministries, branches and localities shall develop specific programs and plans to ensure synchronous, timely and comprehensive implementation of the tasks and solutions specified in this resolution.

Ngoc Thanh (VOV.vn)

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