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Bank accounts of Thu Thiem land auction winners to be frozen for failing to pay fees

The Saigon Times

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HCMC – Dream Republic Corporation and Sheen Mega JSC will have their bank accounts frozen tomorrow if they fail to pay land use fees for the land lots they won at auction late last year.

They are among four businesses that won the land auctions in the Thu Thiem New Urban Area in HCMC’s Thu Duc City but two of them already cancelled their bids and lost their huge guarantee deposits.

The Thu Duc City Tax Office today, May 5, said it had written to the two firms asking them to act before coercive measures are taken on May 6.

The office will freeze their bank accounts for one month.

Dream Republic Corporation, which won the auction for a 6,400-square-meter land lot in late December last year, must pay a land use fee of VND3.82 trillion and a registration fee of VND500 million for this lot.

Meanwhile, Sheen Mega JSC, which won the auction for an 8,600-square-meter land lot, is subject to a land use fee of VND4 trillion, but exempt from the registration fee, the local media reported.

On January 6, the HCMC Tax Department announced the land use and registration fees  the auction winners must pay, but they have failed to pay the fees since.

The enterprises must complete the registration fee payment and half of the land use fee no more than 30 days since the announcement. As they have yet to pay the fees, they must be subject to a fine which is 0.03% of the fees daily, for late payment.

In April, the two firms pledged to submit VND100 billion to the State budget before April 30, but the taxman had not received any information about their payments.

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