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Thursday, June 30, 2022

Bank accounts of two Thu Thiem land auction winners have no balance

The Saigon Times

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HCMC – Twelve days after issuing coercive measures against Dream Republic Corporation and Sheen Mega JSC, which had delayed land use and registration fee payments after winning the land auctions in the Thu Thiem New Urban Area late last year, the Thu Duc City Tax Office has yet to collect the land use fee from them as their bank accounts have no balance.

A leader of the Thu Duc City Tax Office said the two auction winners are newly-established businesses and have yet to make any transactions, the local media reported.

The decision to freeze their bank accounts remains valid. Thirty days after the decision, or by June 6, if the tax office has yet to collect the fee, it will report the case to the HCMC Tax Department to take other measures, such as deducting part of their incomes, freezing their invoices, putting their assets up for auction or collecting their money and assets held by other individuals or organizations.

If they still fail to pay the fee, the HCMC Tax Department and relevant authorities will revoke their business and investment registration certificates and operation licenses.

Under their agreements with the HCMC government, if the two companies do not pay after 180 days or by July 6, they would lose their deposits.

Dream Republic Corporation, which won the auction for a 6,400-square-meter land lot, is required to pay a land use fee of VND3.82 trillion and a registration fee of VND500 million for the lot.

Sheen Mega JSC, which won the auction for an 8,600-square-meter land lot, should pay a land use fee of VND4 trillion but is exempt from the registration fee.

However, both have missed the payment deadlines.

Last month, the two firms proposed paying 15% of the payable land use and other fees, including fines for their late payments, in April, and 17% per month from May to August, and the remainder in September, but their proposals were not accepted.

They later said they would pay VND100 billion by April 30 as a goodwill gesture, but the tax office has no official update about this.

The taxman is calculating fines to be imposed on them for their late land use fee payments.

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