Finance Ministry may impose tax on vacant houses

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The Ministry of Finance is planning to impose an annual tax on owners of uninhabited mansions to discourage real estate speculators and curb wasteful use of land.

According to a report on the Vietnam Economic Times website on Thursday, the ministry wants to impose a tax of 2-3 percent of the value of properties that have been left unfinished and deserted for a long time.

A Finance Ministry official said that local supply is still unable to meet housing demand in the country, so it was necessary to minimize wasteful use of land and houses. The tax is not aimed at increasing state budget revenues, the official said.

The Housing and Real Estate Market Management Department said many mansions and apartments in Hanoi and Ho Chi Minh City have not been put into use. Inspectors have found nearly 700 mansions in incomplete conditions for a long time across Hanoi.

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