Requirements against loss of tax revenue in real estate business

On April 27, the Ministry of Finance has just issued Document No. 1425 directing General Department of Taxation and local Tax Departments to take measures to prevent tax loss in business activities, transfers real estate.

At the same time, guide businesses and people to declare the correct transfer price, improve management efficiency, and ensure budget revenue.

The document of the Ministry of Finance clearly states that, in the past time, there have been reports of some tax officials causing difficulties and harassment to people and businesses. Therefore, the Ministry of Finance directed the General Department of Taxation to urgently direct and advise on solutions to closely determine the real estate market price such as coefficients and databases to avoid loss of tax revenue.

The Minister of Finance also requested the General Department of Taxation to strengthen inspection and strictly handle violations of civil servants; closely coordinate with notarial practice organizations and relevant state agencies to effectively implement measures to combat loss of real estate transfer tax revenue, and submit quarterly reports to the Ministry.

Last year, personal income tax revenue from real estate transfers across the country increased by 30% compared to 2020.

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