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Vietnam will impose a tax of 25 percent on capital gains in property transactions as it moves to curb skyrocketing prices and speculation, the National Assembly, or parliament, said.
The tax, in addition to a 2-percent transfer tax already in place, would be applicable from January 2009, the office of the one-party legislature said in a report seen on Wednesday.
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Similar to other business entities in Vietnam, FDI Enterprises are required to pay BLT on the annual basis at the beginning of a calendar year. The tax amount is based on each entity’s legal capital as follows:
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Legal Capital (VND)
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BLT amount (VND)
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Level 1
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over 10 billion
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3,000,000
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Level 2
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5 billion – 10 billion
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2,000,000
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Level 3
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2 billion – 5 billion
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1,500,000
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Level 4
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below 2 billion
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1,000,000
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