The Vietnamese Ministry of Finance last week released a draft law on the taxation of assets, describing it as a step towards the country's integration into the world economy.
The bill, which will apply to highly valued personal property, and some state controlled property, is set to replace registration fees, which have provided the government with only a very limited source of revenue.
Deputy Finance Minister Tran Van Ta said that in addition to providing a safeguard to the country's tax system in an increasingly globalised world by reaffirming the right of the nation to collect tax, the Vietnamese government hoped that the new tax would also help plug the revenue gap which will open up with the gradual phasing-out of import-export taxes during economic integration.
According to Mr Ta, existing property-related taxes will not be fundamentally affected by the new law, although they will be tweaked.
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