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Saturday, December 3, 2022

Two Thu Thiem land auction winners yet to pay land use fees

The Saigon Times

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HCMC – Dream Republic Corporation and Sheen Mega JSC, which are among four businesses that won land auctions in the Thu Thiem New Urban Area in HCMC in late 2021, have yet to pay land use fees even though the July 6 deadline has passed.

The two have had no word on their failure to pay, the local media reported.

Under the regulations, the first payment must be made 90 days after the fee announcement, but they failed to do it. As such, the city tax agency took coercive measures by having their bank accounts frozen to enforce the land use fee payments but ironically, their bank accounts have no balance.

Earlier in April, the two firms proposed paying the land use fees by monthly installment, from April to September, but their proposal was not approved. They later said they would pay VND100 billion by April 30 as a goodwill gesture and pledged to complete the payment within 180 days, but the tax department still had no official update about this.

Dream Republic Corporation, which won the auction for a 6,400-square-meter lot in late 2021, 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.

As the payment deadline has passed, their total deposits worth over VND319 billion will be seized and submitted to the State budget.

Meanwhile, the land lots will be auctioned again or handed over to those who win.

Two other firms that won the auctions of the Thu Thiem land lots are the Viet Star Real Estate Investment Co., Ltd, a subsidiary of Tan Hoang Minh Group, and the Binh Minh Trading and Development Investment Co., Ltd.

However, they later canceled their deals and lost the deposits amounting to hundreds of billions of Vietnam dong.

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