“A Business in Nha Trang Returns 11 Billion VND in Land Rent”

A leading investment enterprise in the Cam Ranh Peninsula tourist area has now paid back over 11 billion VND in land lease fees for a project that was previously exempt from taxes by the Khanh Hoa provincial government for ten years.

0
60

Illustration (source: Int)

According to the Department of Natural Resources and Environment of Khanh Hoa Province, the enterprise has paid back all the land lease money that was previously waived by the province for the project of eco-tourism and resort (in the north of Cam Ranh peninsula).

The Department of Natural Resources and Environment has inspected the project’s dossier to provide information and documents as requested by the People’s Court of Ha Tinh city, after a number of customers who bought tourist villas in this project sued the investor.

As a result of the inspection, this enterprise was granted a certificate of land use right, ownership of houses and other assets attached to the land in the Cam Ranh peninsula project on December 19, 2017.

The total area of the project is over 33.33ha. Of which, 58,771m2 is for residential purposes in rural areas, specifically “residential land that does not form residential units”.

The remaining area is for commercial and service purposes (274,557m2), the project owner is allowed to lease the land and pay once. The duration of land use and lease is until January 2, 2063.

In April 2015, the Khanh Hoa Provincial Tax Department decided to waive land rent for the project investor during the construction period of 3 years (from December 2012 to December 15, 2015).

Subsequently, the project owner was granted investment incentives, exempt from land rent for another 7 years, until December 15, 2022.

In total, this enterprise was exempted from paying land rent for up to 10 years, with a total amount of exemption of more than VND 11.016 billion.

According to the inspection conclusions of the Central Inspection Committee and the Government Inspectorate (in 2019 and 2020), the exemption of land rent and land allocation by Khanh Hoa Province for this project and many other projects in the province is a violation and contrary to the provisions of law. Therefore, the province is required to remedy the consequences.

After that, the enterprise has paid the full amount of money recovered according to the decision of the Khanh Hoa Provincial Tax Department (May 2012), totaling more than VND 29.168 billion.

Of which, there is more than VND 11 billion in land rent exempted (10 years) that was recognized in the land use right certificate granted to the company in December 2017.

You may also like

The Charm of Nha Trang: A Steady Flow of Visitors

The Nha Trang city in Khanh Hoa province did not experience a significant surge in tourist arrivals during this year’s National Day holiday period.

International Holidaymakers Flock to Khanh Hoa, Phu Yen’s Beachfront Accommodations Fully Booked for 2/9 Holiday

This Independence Day, Khanh Hoa welcomed a surge of international arrivals via air travel, causing a spike in occupancy rates for coastal accommodations in Phu Yen.

The Golden Standard: A Comprehensive Review of Ho Chi Minh City’s Renowned Jewelry Shops

Authorities in Ho Chi Minh City have recently conducted inspections on a series of gold shops within the municipality, uncovering a number of gold products with unclear origins.

“Proposal to Repeal 9 Prime Ministerial Decisions on Land”

The Ministry of Finance is drafting a decision on behalf of the Prime Minister to repeal previous decisions made by the Prime Minister.