Proposing Reduction Of Taxes For Housing Less Than 75 sqm

The Vietnam Real Estate Association (VNREA) has submitted a report to the National Assembly on the results of the fourth term Congress and some proposals on the real estate market.

According to the association, besides the positive factors, negative signs for the market have appeared recently. In particular, the structure of goods is the imbalance between the middle segment, low segment, and high-end housing. The low price of goods, in line with the solvency of most people in need (about 70% of the demand for medium and low housing) are lacking.

According to the Real Estate Association, small bridge housing area is bigger than supply

According to the Real Estate Association, small bridge housing area is bigger than supply. In addition, the massive development of large city projects is taking place. Meanwhile, the development of social housing is stalled by the support funds as well as policies related to housing has not been resolved thoroughly …

“These are the main causes of the real estate crisis of the 2009-2013 period that we have drawn and adjusted. However, such adjustment policy is not continued to maintain and control the development effectively resulting in more risks to the market, “the report states.

Based on these comments, VNREA proposed the National Assembly Standing Committee to consider and promote the allocation of social housing development capital, persistently implementing the policy in the Housing Law to meet the demand. Set up housing for low-income people, workers in industrial zones.

Relevant ministries and branches and the State Bank regulate credit reasonably, avoiding excessive concentration of credit on some segments or some investors to ensure the policy of nurturing and develop the segment of social housing, medium commercial housing,  the one low.

Notably, VNREA requested the Standing Committee of the National Assembly to allow the implementation of a number of mechanisms and policies to encourage the development of small-size commercial houses (apartments of less than 75 sqm), low price (less than VND 15 million/sqm). The proposed mechanisms include reducing VAT, corporate income tax, prioritizing access to investment capital, discriminating taxation, access to land, and access to capital among high-end commercial projects and low-cost commercial housing.

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