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HCMC taxman begins calculating fines for two Thu Thiem land auction winners

The Saigon Times

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HCMC – The HCMC Tax Department has started calculating fines for Dream Republic Corporation and Sheen Mega JSC, which are among the four businesses that won land auctions in the Thu Thiem New Urban Area in HCMC’s Thu Duc City, as they have yet to pay the land use fees even though the payment deadline of April 6 has passed.


A leader of the department said that representatives of the two companies, at a meeting with the department last month, said they were trying to mobilize funds for the payment and promised to pay the fees at the earliest, the local media reported.


Under the contracts between them and the HCMC government, the contracts will be deemed as canceled if enterprises fail to make payments after 180 days of the fee announcement. 


Under the regulations, they must pay the registration fee and half the land-use cost no more than 30 days from the department’s announcement. The remaining land use fee must be made within 90 days of the announcement.


The deadline for the first payment is February 7 and the second payment is April 6.


From today, they must be subject to the fines, which are 0.03% daily of the fees, for their late payments.


After 180 days of the fee announcement, if the two enterprises fail to make payments, the HCMC Land Fund Development Center will propose the municipal Department of Natural Resources and Environment cancel the auction results. The deposits of the two enterprises will be seized and submitted to the State budget and the land lots will be put up for auction again or handed over to other units in line with the law.


Dream Republic Corporation, which won the auction for the 6,400-square-meter land lot coded 3-5, 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 the 8,600-square-meter land lot coded 3-8, is subject to a land-use fee of VND4 trillion, but exempt from the registration fee.


Viet Star Real Estate Investment Co., Ltd, a subsidiary of Tan Hoang Minh Group, and Binh Minh Trading and Development Investment Co., Ltd., which won the auctions of the land lots coded 3-9 and 3-12, have cancelled their purchase contracts and lost the deposits amounting to hundreds of billions of Vietnam dong.

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