The Ministry of Finance proposes to ‘tighten’ the declaration of real estate prices to prevent tax loss
Issue land price list every 5 years
The Minister of Finance recently signed Official Letter No. 3849/BTC-TCT to the People’s Committees of the provinces and centrally-run cities on the fight against tax loss in business activities and real estate transfer.
According to the Ministry of Finance, in recent times, many provincial People’s Committees have developed schemes to prevent tax loss in business activities, transfer of goods and services. real estate and achieved certain results. However, in the process of implementation, there are still some problems that make it difficult to prevent loss of revenue from business activities and real estate transfer.
Currently, the Ministry of Finance is reviewing legal documents related to business activities and real estate transfer to amend and supplement to ensure consistency and synchronization with documents. relevant legislation.
According to the provisions of the 2013 Land Law, the Provincial People’s Committee promulgates the Land Price List to be issued every 5 years and annually promulgates the land price adjustment coefficient.
Building transaction price database
To ensure publicity and transparency in the state management of business activities and real estate transfer, the People’s Committees of provinces are requested to pay attention and direct a number of contents.
Accordingly, for land locations, road sections and roads already priced according to the land price list and land price adjustment coefficient issued by the provincial-level People’s Committee: request the provincial-level People’s Committee to issue the price list land (including land price adjustment coefficient) in order to facilitate tax calculation according to the above regulations.
For the locations of land, road sections and roads that do not have prices in the Land Price List issued by the People’s Committee of the province: request the Provincial People’s Committee to direct the Department of Natural Resources and Environment to coordinate with other relevant agencies. Review and advise the People’s Committee of the province to promptly issue a Decision on adjustment and supplementation of the specific land price list for each location, ensuring it is consistent with the actual transaction price on the market and the actual price of the land. sold by investors.
If not yet issued, request the investor in the area to publicize the selling price according to regulations and notify relevant organizations and individuals when performing transactions on real estate formed in the future as well. as when declaring financial obligations related to the transfer of real estate.
For the case of real estate transfer dossiers submitted at the application-receiving agencies under the one-stop-shop mechanism (the Natural Resources and Environment Agency, the land registration agency, the One-Stop-Shop Department of the People’s Committee of Vietnam). ,…): The agency receiving dossiers under the one-stop-shop mechanism is responsible for disseminating the law, propagating, and guiding taxpayers to clearly identify the location, street, and specific determination and application of prices. each type of real estate (including the land price adjustment coefficient as prescribed by the provincial People’s Committee) so that organizations and individuals understand and properly perform when declaring financial obligations related to the transfer of real estate. movables.
Directing the Department of Natural Resources and Environment to assume the prime responsibility for, and coordinate with relevant agencies, regularly survey to build a database of transaction prices from real estate transfer as a basis to advise the Provincial People’s Committee determine the annual land price adjustment coefficient close to the actual transaction price on the real estate market in order to avoid tax revenue loss.
The Ministry of Finance will direct the tax authority to provide the database on which taxpayers have declared their tax in case there is a price fluctuation higher than the one issued by the People’s Committee (including the tax coefficient). land price adjustment) for relevant agencies to advise the Provincial People’s Committee to issue a new price list as well as the timely adjustment coefficient in accordance with the law on land.
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