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MINISTRY OF EDUCATION & TRAINING STATE BANK OF VIET NAM BANKING UNIVERSITY HO CHI MINH CITY NGUYỄN LÊ PHƢƠNG TRÂM DEVELOPING PROPERTY TAX IN VIET NAM AN APPROACH FROM PESTLIED MODEL GRADUATION THESIS[.]
MINISTRY OF EDUCATION & TRAINING STATE BANK OF VIET NAM BANKING UNIVERSITY HO CHI MINH CITY NGUYỄN LÊ PHƢƠNG 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 PHƢƠNG 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 i 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 Phƣơng 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 Name Page 2.1 The advantages and disadvantages of property tax 2.2 The summary of some previous studies 18 3.1 Macro factors and selected aspects affecting the developing of 30 property tax 4.1 Taxation reform in Viet Nam from 1990 to 2020 35 4.2 20 countries with the highest home price index in 2020 40 4.3 20 cities with the highest home price index in 2020 40 4.4 Applying IT in tax system management 44 4.5 Property tax rates on a Draft of property tax in Viet Nam 45 4.6 Three methods of determining the basis for property tax 48 4.7 Three trends of property tax rate 49 Figure Name Page 1.1 Design of research process 2.1 Source of tax revenue in the United Kingdom and the OECD 10 4.1 Viet Nam Foreign Direct Investment from 2000 to 2020 39 4.2 Viet Nam GDP growth (annual %) from 2008 to 2019 42 4.3 Comparison between the two commonly used property 46 assessment methods 4.4 Viet Nam Govenment Expenditure for natural disasters from 50 2007 to 2019 4.5 Viet Nam Urbanization from 2009 - to 2019 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 International Technology OECD Organization for Economic Co-operation and Development SOH 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 1.2.1 Overall objectives 1.2.2 Specific objectives 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 1.5.2 Data collection methods 1.5.3 Data processing methods 1.6 Research contributions 1.7 Research framework 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 TABLE OF CONTENTS 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 developing of property tax 16 2.4 Related studies in the world and in Viet 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 properties in Viet Nam 37 4.4 Macro conditions to develop property tax according to 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 TABLE OF CONTENTS 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 the impact of natural problems 58 5.2.8 Demographic factors: Considering the effect of urbanization 59 5.3 Conclusions 59 THESIS SUMMARY 62 REFERENCES 66 ...MINISTRY OF EDUCATION & TRAINING STATE BANK OF VIET NAM BANKING UNIVERSITY HO CHI MINH CITY NGUYỄN LÊ PHƢƠNG TRÂM DEVELOPING PROPERTY TAX IN VIET NAM: AN APPROACH FROM PESTLIED MODEL... THESIS MAJOR: FINANCE & BANKING CODE: 7340201 SUPERVISOR TRẦN NGUYỄN MINH H? ??I, PhD Ho Chi Minh City, 2021 i ABSTRACT The bachelor thesis is conducted with topic: ? ?Developing property tax in Viet. .. 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,