DEVELOPING PROPERTY TAX IN VIET NAM AN APPROACH FROM PESTLIED MODEL ĐH NGÂN HÀNG

MINISTRY OF EDUCATION & TRAINING STATE BANK OF VIET NAM BANKING UNIVERSITY HO CHI MINH CITY NGUYỄN LÊ PHƯƠNG TRÂM DEVELOPING PROPERTY TAX IN VIET NAM AN APPROACH FROM PESTLIED MODEL GRADUATION THESIS MAJOR: FINANCE & BANKING CODE: 7340201 Ho Chi Minh City, 2021 MINISTRY OF EDUCATION & TRAINING STATE BANK OF VIET NAM BANKING UNIVERSITY HO CHI MINH CITY NGUYỄN LÊ PHƯƠNG TRÂM DEVELOPING PROPERTY TAX IN VIET NAM AN APPROACH FROM PESTLIED MODEL GRADUATION THESIS MAJOR: FINANCE & BANKING CODE: 7340201 SUPERVISOR TRẦN NGUYỄN MINH HẢI, PhD Ho Chi Minh City, 2021 ABSTRACT The bachelor thesis is conducted with topic: “Developing property tax in Viet Nam: An approach from PESTLIED model” Property tax can be deemed as one of the most popular options for raising revenue for financing public services This tax has existed in many countries throughout the world and play an integral part in rebuilding community and infrastructure along with the priorities detrimentally affected to the economy In Viet Nam, —property tax” - a fresh concept of original tax that levied on non-agricultural land The concept of property tax is still abstract and has not been concretized in legal documents, except for the tax stipulating on land property In 2018, the Ministry of Finance had submitted a draft of Law on Property Tax to the National Assembly The study focuses on the systematization of the general theories relating to the developing of property tax, criteria for evaluation as well as conditions for the developing of this tax in Viet Nam through PESTLIED model, including Political, Economic, Sociological, Technological, Legal, International, Environmental, Demographic factors, to address the situation and prospects of developing property tax in the context of related macro factors The thesis presents an overview of property tax development in Viet Nam through (1) presentation of the operating mechanism of property tax; (2) analyzing the current situation of property tax developing in Viet Nam according to the aspects of factors in the PESTLIED model; (3) reviewing and proposing recommendations for developing property tax in Viet Nam In conclusions, the author proposes eight recommendations to the government and the Ministry of Finance about each macro aspect to develop property tax in Viet Nam as follows: (1) Considering property tax exemption policies (2) Controlling the market price of real estates and personal income of taxpayers (3) Accelerating the developing of property tax to reduce immovable speculation in Viet Nam (4) Applying technology in property tax management system (5) Continuing to improve legal framework of property tax (6) Joining the global trend of developing property tax (7) Evaluating impact of natural problems (8) Considering effect of urbanization COMMITMENT I assure that the thesis with the subject “Developing property tax in Viet Nam: An approach from PESTLIED method” is my own research work conducted by author and under the direct guidance by Supervisor Trần Nguyễn Minh Hải, PhD., a lecturer of Faculty of Finance, Banking University of Ho Chi Minh City The data in the thesis are used honestly Research result in this thesis have not been published in any other works If there are any unfaith, all is my responsibility Ho Chi Minh City, Author Nguyễn Lê Phương Trâm ACKNOWLEDGEMENT After four years studying at Banking University of Ho Chi Minh City, I gained a lot of knowledge and experience from talented, devoted and enthusiastic lecturers, who always support for students and education development I would like to express my gratitude to all the lecturers at Banking University Especially, my sincere thanks to Trần Nguyễn Minh Hải, PhD., Lecturer of Faculty of Finance, Banking University of Ho Chi Minh City for the support and guidance of my thesis Due to time constraints and practical experience, it is inevitable that certain mistakes will be avoided I look forward to receiving your comments and suggestions to improve my topic Best regards! LIST OF FIGURES AND TABLES Table 2.1 2.2 3.1 4.1 4.2 4.3 4.4 4.5 4.6 4.7 Figure 1.1 2.1 4.1 4.2 4.3 4.4 4.5 Name The advantages and disadvantages of property tax The summary of some previous studies Macro factors and selected aspects affecting the developing of property tax Taxation reform in Viet Nam from 1990 to 2020 20 countries with the highest home price index in 2020 20 cities with the highest home price index in 2020 Applying IT in tax system management Property tax rates on a Draft of property tax in Viet Nam Three methods of determining the basis for property tax Three trends of property tax rate Name Design of research process Source of tax revenue in the United Kingdom and the OECD Viet Nam Foreign Direct Investment from 2000 to 2020 Viet Nam GDP growth (annual %) from 2008 to 2019 Comparison between the two commonly used property assessment methods Viet Nam Govenment Expenditure for natural disasters from 2007 to 2019 Viet Nam Urbanization from 2009 - to 2019 Page 18 30 35 40 40 44 45 48 49 Page 10 39 42 46 50 51 LIST OF ABBREVIATIONS FAO Food and Agriculture Organization of the United Nations FDI Foreign Direct Investment GDP Gross Domestic Profit GNI Gross national income GSO General Statistic Office HSE Homestead Exemption IMF International Monetary Fund IT OECD SOH International Technology Organization for Economic Co-operation and Development Save our homes SR Sales ratio TMV Time market value TR Tax rate WB World Bank WTO World Trade Organizations TABLE OF CONTENTS ABSTRACT i COMMITMENT ii ACKNOWLEDGEMENT iii LIST OF ABBREVIATIONS .v CHAPTER 1: INTRODUCTION 1.1 Motivation 1.2 Objectives .3 1.2.1 Overall objectives 1.2.2 Specific objectives .3 1.3 Research questions 1.4 Research subject and scope 1.4.1 Research subject 1.4.2 Research scope 1.5 Research methodology 1.5.1 The approach methods .3 1.5.2 Data collection methods .4 1.5.3 Data processing methods 1.6 Research contributions 1.7 Research framework .5 1.8 Research composition CHAPTER 2: LITERATURES REVIEWS 2.1 Property tax and the role of property tax 2.1.1 Definitions 2.1.2 Characteristics 2.1.3 The important role of property tax 10 2.2 Developing property tax .12 2.2.1 Definition 12 2.2.2 The need of developing property tax 13 2.3 Conditions affecting the developingof property tax .16 2.4 Related studies in the world and inViet Nam 18 CHAPTER 3: METHODOLOGY 25 3.1 The approach methods 25 3.2 Data collection methods .25 3.3 Data processing methods 27 3.3.1 The reason of choosing qualitative methods .27 3.3.2 An approach of PESTLIED model 30 CHAPTER 4: RESEARCH RESULTS 34 4.1 Viet Nam taxation 34 4.2 The reforming of Viet Nam taxation .35 4.3 Property tax and tax regarding propertiesin Viet Nam 37 4.4 Macro conditions to develop propertytax accordingto PESTILED model 38 4.4.1 Politic factors: The government policies to develop property tax 38 4.4.2 Economic factors: The effect of real estate price increase and GDP per capital growth 40 4.4.3 Sociological factors: The effect of speculation trend 43 4.4.4 Technological factors: The property tax management 44 4.4.5 Legal factors: On processing legal framework 45 4.4.6 International factors: The trend of property tax in the world 48 4.4.7 Environmental factors: The effect of natural problems 50 4.4.8 Demographic factors: The increase of urbanization 52 CHAPTER 5: RECOMMENDATIONS AND CONCLUSIONS 54 5.1 Orientation of developing property tax in Viet Nam 54 5.2 Recommendations 55 5.2.1 Politic factors: Considering property tax exemption polices 55 5.2.2 Economic factors: Paying an attention to the market price of real estates and personal income of taxpayers 56 5.2.3 Sociological factors: Accelerating the developing of property tax to reduce immovable speculation in Viet Nam 56 5.2.4 Technological factors: Applying technology in property tax management 57 5.2.5 Legal factors: Continuing to improve legal framework of property tax 57 5.2.6 International factors: Joining the global trend of developing property tax .57 5.2.7 Environmental factors: Evaluating theimpact of natural problems 58 5.2.8 Demographic factors:Considering theeffectof urbanization 59 5.3 Conclusions 59 THESIS SUMMARY 62 REFERENCES 66 THESIS SUMMARY Property tax, sometimes called an ad valorem tax, is a tax on real estate and some other types of property (Orem, 2020) Within the framework of the thesis entitled —DEVELOPING PROPERTY TAX IN VIET NAM: AN APPROACH FROM PESTLIED MODEL” the study focuses on the systematization of the general theories relating to the developing of property tax, criteria for evaluation as well as conditions for the developing of this tax in Viet Nam through PESTLIED model, including Political, Economic, Sociological, Technological, Legal, International, Environmental, Demographic factors, to address the situation and prospects of developing property tax in the context of related macro factors for these reasons as follows: Firstly, property tax is a common development trend in the world Recently, there are 174 of 193 countries applying property tax, real estate tax, house tax, and land tax (WB, 2018) In the context of global economic growth, many countries and territories aim to develop property tax as part of the tax system reform (Hong & Hoa, 2020) Secondly, property tax creates more revernue for state budget and its revenues also determine the level of state education aid in most states (William, Chabala & Mundia, 2019) Thirdly, property tax plays an integral part in regulating the economy, reducing the effect of speculation trend in real estate market In addition, it expands tax base, which covers income from property taxes, regulates income of people or organizations which own a lot of housing and land assets, and contributes to social justice (Ali, 2017, Jorge & Cristian, 2011) Because property tax is a direct tax levied on people directly using property, it is not surprising to receive the responses of taxable objects in the Property Tax Law, both positive and negative (Trung, 2018) Therefore, the government and departments are making great efforts to formulate policies, enact property tax laws that are appropriate for the Viet Nam economy However, the concept of property tax is still abstract and has not been concretized in legal documents, except for the tax stipulating on land property In 2018, the Ministry of Finance had submitted a draft of Law on Property Tax to the National Assembly Moreover, Viet Nam still lacks studies on the property tax except that some reports, seminars which were organized to discuss about this kind of tax For those reasons, the author carries out the thesis to address the situation and gives recommendations about the prospects of developing property tax in Viet Nam economy In detail, the thesis includes chapters: ■ Chapter 1: Introduction ■ Chapter 2: Literature reviews ■ Chapter 3: Research methodology ■ Chapter 4: Research results ■ Chapter 5: Recommendationsand conclusions Also, the author gives out three research objectives: ■ Determining the factors in PESTLIED that affect the developing of property tax ■ Analyzing the influence of PESTLIED factors on the developing of property tax in Viet Nam ■ Proposing recommendations in order to develop property tax in Viet Nam Firstly, the author shows the definitions of property tax and the role of property tax as well as the need of developing property in the economy According to World Bank (2020), property taxes are generally levied on all types of properties - residential, commercial, and industrial, as well as on farm properties Sometimes different categories of property are treated differently This taxes are not always local taxes, and whether they are or are not local, like all taxes they must also be considered from a more perspective Besides, property tax is considered as an intergral part in the trend of reforming taxation, with some benefits in a fully made taxation, ensuring state budget revenue, reducing speculation, regulating the human’s bad behaviours as well as balancing the social communication Property tax is that to generate revenues for funding local public services although it depends on the range of services funded by the tax varied from countries to countries (William, Gary & Lawrenve, 2012) Continuously, the thesis shows a general view of Viet Nam tax system by summarizing the history of Viet Nam taxation as well as the process of tax reform over the period of 2008 and 2020 In particular, it is clear that Viet Nam has not been consistent with national practices when its taxation still has many shortcomings causing many difficulties in the implementation process because they are not synchronous, appropriate and close to reality Hence, Viet Nam government makes non-stop efforts to reform its taxation during more than 20 years with many adjustments, modifications and additions to suit the economic development situation; in fact, property tax is undergoing in order to make taxation promote its full functions as well as keep up with international practice Therefore, the dissertation uses secondary data collected from empirical studies, written documents, reports, and reliable sources which had been produced by international development agencies such as International Monetary Fund (IMF), World Bank (WB), General Statistic Office of Viet Nam (GSO) updated for the period from 2008 to 2020 on the developing of property tax to consider the impact of property tax as well as the conditions to develop the property tax in Viet Nam, the reform of tax system of Viet Nam from 2008 to 2020 Regarding research methodology, this study applies qualitative analysis method Qualitative research involves collecting and analyzing non-numerical data (e.g., text, video, or audio) to understand concepts, opinions, or experiences It can be used to gather in-depth insights into a problem or generate new ideas for research (Pritha, 2020) In this study, first of all, the research approaches top-down analytical methods Accordingly, the thesis presents an overview of property tax development in Viet Nam through (1) presentation of the operating mechanism of property tax; (2) analyzing the current situation of property tax developing in Viet Nam according to the aspects of factors in the PESTLIED model; (3) reviewing and proposing recommendations for developing property tax in Viet Nam This study applies the PESTLIED model which is an extension of the PESTLE model - a strategic management technique that effectively used in the process of determining the influence ousite the factors in the risk management strategy (Rastog & Trivedi, 2016) This model gives researcher a comprehensive view of research subject, as follow the aspects in those macro factors, especially in an approach to new issues In the context of Viet Nam economy, the author chooses eight aspects in PESTILED model as macro conditions to analyze the developing of property tax as follows: ■ Politic factors: The government policies to develop property tax; ■ Economic factors: The effect of real estate price increase and GDP per capital growth; ■ Sociological factors: The effect of speculation trend; ■ Technological factors: The property tax management; ■ Legal factors: On processing legal framework of property tax; ■ International factors: The trend of developing property tax in the world; ■ Environmental factors: The effect of natural problems; ■ Demographic factors: The effect of urbanization Thereby, the study proposes some recommendations to the government and the Ministry of Finance about the developing of property tax in tax system reforming process in Viet Nam: ■ Politic factors: Considering property tax exemption policies; ■ Economic factors: Paying an attention to the market price of real estates and personal income of taxpayers; ■ Sociological factors: Accelerating the developing of property tax to reduce immovable speculation in Viet Nam; ■ Technological factors: Applying technology in property tax management system; ■ Legal factors: Continuing to improve legal framework of property tax; ■ International factors: Joining the global trend of developing property tax; ■ Environmental factors: Evaluating the impact of natural problems; ■ Demographic factors: Considering the effect of urbanization With eight recommendations, the author hopes to give valuable opinions to the government as well as the Ministry of Finance about the developing of property tax in Viet Nam From that point, Viet Nam will soon apply property tax to regulate economy and create new fund for the state budget revenue REFERENCES J.F Linn, & Roy, B (1992) Urban public finance in developing countries Oxford University Press Pritha , B (2020, June 19) An introduction to qualitative research Priya, M., & Tanner, R (2020, April 14) Technology and property tax: Raising city revenue in Kampala Ahmad, E, & Stern, N (2007) Taxation for Developing Countries Alan Dornfest, A., & Chris, B (2012) Factors Affecting 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