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The Ministry of Finance has reported on the implementation of policies and laws related to real estate market management and social housing development from 2015 to the end of 2023 to the National Assembly’s Economic Committee.

Accordingly, during the period of 2015-2023, the Ministry of Finance inspected and concluded the inspection of 19 units operating in the real estate business. The ministry proposed financial handling of over VND 1,418 billion, including VND 493.1 billion to be paid to the state budget and other financial settlements of VND 999.8 billion.

Between 2015 and 2023, the Ministry of Finance inspected and concluded the inspection of 19 real estate businesses. Photo: Hoang Ha

The financial settlements proposed by the inspecting agencies mainly involved land use fees and under-declared value-added taxes, corporate income taxes, and personal income taxes, as well as incorrect application of preferential tax rates…

The inspected and financially penalized businesses are major players in the real estate market, including Song Da Corporation, Hanoi Housing Development and Investment Corporation, UDIC Infrastructure Development and Investment Corporation, Hanoi Construction Corporation (Hancorp), Housing and Urban Development Corporation (HUD), IDICO Corporation, Military-run Corporation 319, Viglacera Corporation, Hanoi Housing Investment and Development Corporation (Handico), and Kosy Joint Stock Company…

However, the Ministry of Finance stated that as of December 31, 2023, the inspected units and real estate businesses have basically complied with the proposed remedies and paid the required amounts to the state budget.

Only a few businesses have not completed the process due to difficulties in determining land use fees, allocating technical infrastructure costs, and transferring assets, which has delayed settlement and fulfillment of related financial obligations.

As of the end of 2023, some businesses, such as Hanoi Housing Investment and Development Corporation (Handico), owed more than VND 731.8 billion, the Urban and Industrial Zone Development Investment Corporation owed over VND 8.2 billion, and the Joint Stock Corporation for Industrial Zone Development (Sonadezi) owed more than VND 16.7 billion…

Nguyen Le

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