Tax speculators, not genuine home owners: lawmakers

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No property tax should be imposed on people who only own one house, Vietnamese legislators have said, while calling for high tax rates on speculators with multiple properties.

Deputy Nguyen Thi Kha from the southern province of Tra Vinh said she agreed with a proposal by the National Assembly Standing Committee that houses should not be taxed for now as it's essential to have a house.

Tran Du Lich of Ho Chi Minh City said the government should only impose taxes on multiple home owners and speculators in order to stabilize the real estate market.

Many houses and apartments have been bought by speculators and left unoccupied while other people are in need of housing, Lich said.

He was speaking at a National Assembly meeting session Tuesday where Vietnamese lawmakers discussed a new bill on non-agricultural land tax.

Under the bill, land for housing purposes will be taxed annually between 0.03 percent and 0.1 percent depending on whether the area exceeds official quotas.

The National Assembly should not pass the bill until there is a comprehensive study on inefficient land use and how it impacts on property prices in the country, Lich said.

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