Vietnam’s New Property Taxes

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Dec. 30 – With the introduction of the new Personal Income Tax Law on January 1, owners of more than one house will have to pay a 2 percent tax on each house they sell.

Another option is to pay a 25 percent tax on the remaining money after they have bought a new house, with proceeds of the sale of a property for which all fees have been paid.

With the city land valuations for 2009 having been increased by at least 10 percent from last year, residents in Ho Chi Minh City will have to pay higher land use taxes Thanh Nein News reported.

Also from January 1, 2009, all traders are required to conduct property transactions through real estate exchanges. As a result, developers and agents are setting up real estate exchanges.

The establishment of real estate exchanges in Vietnam is expected to help improve transparency in the local property market next year.

Although the exchanges have been opened, the number of products listed could be limited. Many projects have been halted since the second quarter this year and almost all businesses have stopped implementing new projects, analysts say.

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