Thu Thiem land auction winners: Pay more than US$1.6 billion in 90 days

Under a notice of payment for land use signed by Director of Ho Chi Minh City Tax Department Le Duy Minh, land auction winners of land use in Thu Thiem New Urban Area in Thu Duc City must pay a fee of VND 37,364 billion (US$1.6 billion) and VND1.5 billion in the registration fee.


Thu Thiem land auction winners: Pay more than US$1.6 billion in 90 days ảnh 1 A corner of Thu Thiem area
The land use term is 50 years from December 31, 2021, when the municipal People's Committee issued a decision to recognize the winning results of the above land lots.
Specifically, Dream Republic Company and Binh Minh Investment and Trading Company won the auction of land lot No. 3-5 with an area of 6,446 square meters and land lot 3-9 with an area of 5,009 square meters respectively.
They will pay VND3,820 billion land use fee, VND500 million registration fee and VND5,026 billion land use fee, and VND500 million registration fee respectively for using the area for trade and service activities. Viet Star Real Estate Investment Company won the auction of land lot number 3-12 in the area of 10,059,7 square meters paying VND24,500 billion land use and VND500 million for commercial and service use area.
Meanwhile, Sheen Mega Joint Stock Company won the auction of land lots No. 3-8 with an area of 8,568.1 square meters. It must pay VND 4,000 billion as a land use fee. However, the company is exempted from paying the registration fee according to the instructions on the registration fee for using the land for living purposes.
The notice also specifies that within 30 days from the date of issuance of the above notice, enterprises must pay a registration fee and 50 percent of the land use fee. Within 90 days at the latest from the date of the above notice, the auction winners must pay the remaining 50 percent of the land use fee.
In case that taxpayer is late in paying the land use levy to the state budget after the deadline for payment according to the aforesaid notice, they must determine the date the payment became overdue plus late payment interest of 0.03 percent a day and fully pay land use levy and late payment interest to the state budget in addition to payable land use levy.
The Tax Department of Ho Chi Minh City also noted that if businesses change in the planning that increases the value of land in the future or a competent state agency concludes that they must fulfill additional financial obligations, the winning enterprise will win the award. Land auctions must comply with regulations.

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