Vietnam wants to tax abandoned villas

Hà Nội proposed that the Ministry of Finance impose taxes or fines on the owners of semi-finished products and abandoned townhouses and cabins, causing serious waste of land resources and abandoned vellas in the capital for many years, such as in Lideco City, Hinode Royal Park in Hoai Đức, The construction department stated that the capital has asked relevant departments and local people’s committees to strengthen inspections and pressure on these project developers to speed up construction, adding that many projects are now in the review stage and will last longer. Owners of townhouses and villas abandoned for three months to less than a year are taxed at a rate of 5%. For homeowners who have been away for a year or more, the tax rate is 10%. It is also proposed to impose an administrative fine of 10 million VND (431 USD) to 20 million won per apartment for the owners of abandoned luxury houses.