Countries levy Property Tax to limit speculation

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Photo: H.P

According to the Financial Policy and Strategy Institute, in general, the stronger real estate market develops, the easier the real estate speculation is. Thus, in order to restrict this situation, besides applying measures to strengthen the State management on land and urban planning, some countries and territories also use Tax policies to regulate the use and transfer of real estate to the State budget and indirectly adjust the real estate speculation.

For example, Taiwan (China), Cambodia, Philippines, Thailand and Laos have levied high tax rate on fallow and unused . Currently, Thailand has applied a tax rate that is two times higher compared to the same types. In Cambodia, the Property Tax is annually collected based on 0.1% of value of real estate after deducting 100 million Riel .

Philippines has also applied a tax for fallow with an annual tax rate that does not exceed 5% of the value of land that have not been used. In addition, the Philippines also levies Special Education Fund Tax at a rate of 1% based on the asset value.

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In addition, the levy of a tax to people owning two houses is also of interest to some countries. Currently, France has applied an additional tax rate of 20% on second property ownership. The UK has deployed a Tax policy with the purpose of continuing to support housing ownership right, and support for first time buyers.

Specifically, the country has applied the Stamp Duty Land Tax rate for the transaction value of the second real estate that is 3% higher than the tax rate applied for the purchase of the first one.