The Ho Chi Minh City Tax Department reported that from August 1-27, 2024, the tax authority received a total of 8,808 dossiers, including: 346 dossiers on collection of land use fees for cases of recognized land use rights; 277 dossiers on collection of land use fees for cases of changing land use purpose; 5,448 dossiers on personal income tax from real estate transfers; and 2,737 dossiers on cases with no financial obligations (personal income tax from real estate transfers, registration fees, etc.).
To settle land-related financial obligations in accordance with the Land Law of 2024 and Decree 103/2024/ND-CP on land use and rental fees – effective from August 1, 2024, on August 29, 2024, the Ho Chi Minh City Tax Department proposed to the Ho Chi Minh City People’s Committee to soon issue a decision adjusting land prices; provide guidance and directions on the application of legal documents (land price tables, land price adjustment coefficients, percentage rates for calculating land rental fees, etc.) so that the tax authority can promptly calculate land-related financial obligations for dossiers arising from August 1, 2024.
In addition, to prevent backlogs and complaints and to meet the practical needs of the people, the Ho Chi Minh City Tax Department will report to the General Department of Taxation on the settlement of the above-mentioned cases with no financial obligations when issuing certificates of land ownership.
What’s the Buzz on Southern Land in Response to the New Law?
The impending new law, which awaits the issuance of a circular for guidance, has left land-related dossiers in Ho Chi Minh City in limbo since August 1. This has created significant challenges for real estate transactions during this period.
The New Real Estate ‘Gold Rush’: Strategies to Curb the Frenzy
In recent times, land prices in Hanoi have been surging to unprecedented highs, sparking fears of an asset bubble. This unusual surge in prices has led to concerns about a potential “virtual fever”, with many worried about a possible real estate “bubble”.
“Understanding the New Land Use Charges When Converting Agricultural Land to Residential: A Guide for the Community”
Under Clause 5, Article 116 of the 2013 Land Law, households and individuals who wish to convert agricultural land within residential areas, within the same land lot, or to convert non-agricultural land that is not for residential purposes into residential land, must ensure that it complies with the approved district-level land use planning.
The City of Ho Chi Minh will Adjust the Collection Rates in the New Land Price Table
The newly proposed land price schedule has increased prices by as much as 5 to 51 times compared to the previous schedule. However, the authorities will collaborate and report to the People’s Committee of Ho Chi Minh City, proposing that the government review and adjust the tax rates and collection amounts as necessary to ensure equitable financial obligations regarding land matters.
