Revenue from real estate transfer increased by more than 68%

According to a recent report of the Ministry of Finance, in the first 5 months of this year, income from personal income tax of activities real estate transfer is expected to reach VND 16,000 billion, an increase of more than 68% over the same period last year, equivalent to an increase of VND 6.6 trillion.

According to the Ministry of Finance, personal income tax revenue from real estate transfer in 2021 will reach 21,000 billion VND, an increase of more than 4.9 trillion VND (30% increase rate) compared to 2020.

Recently, the Ministry of Finance has sent a document to localities requesting to direct the Department of Natural Resources and Environment to coordinate with relevant agencies to review and promptly issue a decision to adjust and supplement the land price list. Specifically, ensuring compliance with the actual transaction price on the market and the investor’s selling price.

Over the past time, the Ministry of Finance has implemented many solutions to prevent tax loss in business activities and real estate transfer, such as sending documents to the People’s Committees of provinces and centrally-run cities to direct the Department of Finance to Natural Resources and Environment coordinate with relevant agencies to review and promptly issue decisions to adjust and supplement the specific land price list for each location, ensuring it is consistent with the actual transaction price on the market. and the investor’s selling price.

In addition, the Ministry of Finance has directed the tax authorities not to cause difficulties and troubles for taxpayers in the process of processing the transfer of movable property; at the same time, thoroughly understand that tax officials and employees involved in the processing of real estate transfer documents strictly comply with the regulations on the order and procedures for handling documents to determine financial obligations and process. work directly with taxpayers according to regulations and have a mechanism to supervise officials and civil servants in the process of transmission and guide the declaration of real estate transfer prices for taxpayers.

The Ministry of Finance said that the collection of taxes on business activities and real estate transfers still faces many limitations as policies related to land have been regulated, these documents are regulated by many agencies. Government agencies and agencies have not yet synchronized, so the determination of the real estate market is still facing many difficulties.

According to the head of the financial industry, the most difficult thing now is that the Land Law stipulates a stable land price list for 5 years, while in fact the real estate market price fluctuates continuously, thus leading to land prices. regulated by the provincial People’s Committee not close to the market price.

Along with that, the coordination with relevant agencies, departments and sectors also encountered many difficulties; The people’s sense of self-discipline to fulfill their tax obligations is not high…

In the coming time, the Ministry of Finance will continue to advise and propose to the Government to organize a review of legal documents related to business activities and real estate transfer in the field of state management of Vietnam. Ministry of Finance to amend and supplement to ensure consistency and synchronization.

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