This not only safeguards the lawful land rights of citizens but also significantly boosts revenue from property transaction taxes for the city's budget.
As of March 7, the HCMC Department of Natural Resources and Environment reported that a total of 64,865 pink books had been issued in the first two months of this year, an increase of 18,514 books compared to the same period in 2023, up 138.4 percent. The expedited processing of real estate paperwork has played a pivotal role in augmenting tax revenue from property transactions, which amounted to VND955.3 trillion, compared to VND659.9 trillion in the first two months of 2023.
The Department of Natural Resources and Environment has been accelerating the process of issuing pink books for a list of 81,000 units within commercial housing projects across the region that have already been deemed eligible for such documentation but are facing several obstacles.
The Department of Natural Resources and Environment has pinpointed six primary categories of obstacles, including the tax waiting group, projects delaying the submission of documentation for pink book issuance, new real estate projects, projects requiring additional financial obligations, projects encountering other complications, and projects undergoing inspection or investigation.
As per Mr. Nguyen Toan Thang, Director of the Department of Natural Resources and Environment, in the coming time, the department will further strengthen collaboration with tax agencies to speed up the identification of tax obligations.
They will urge project investors and homebuyers to promptly submit documentation to process the pink book issuance procedures swiftly. Moreover, they will identify cases necessitating additional financial responsibilities and establish specific land prices to serve as a basis for tax agencies to determine supplementary financial obligations.
