Want to be in the loop?
subscribe to
our notification
Business News
HO CHI MINH CITY SUGGESTS HALVING LAND LEASE TAX FOR REAL ESTATE COMPANIES
Ho Chi Minh City People’s Committee has just submitted a proposal to the prime minister to introduce a range of supportive measures to help out the real estate market which has been strongly impacted by the coronavirus.
Accordingly, the committee suggested the prime minister to consider and permit cutting land lease tax by half for real estate developers in 2020 and 2021.
Together with real estate, Ho Chi Minh City People’s Committee is looking to resolve difficulties for several sectors, including tourism, agriculture, rural development, export, and supporting industries. These are the areas most heavily impacted by the pandemic.
The city proposed the PM to expand the timeline to fulfil tax obligations for real estate developers and enterprises, allowing late payment of taxes (personal income tax, corporate income tax, value-added tax, and import tax) for enterprises and proposed to postpone the timeline to pay tax till the third or fourth quarter of this year.
The city also proposed the prime minister to halve value-added tax, corporate income tax, and import tax, as well as to reduce personal income tax for tourism workers based on the assessment of damage from the disease.
The Ho Chi Minh City Real Estate Association (HoREA) also recently submitted a petition to the PM to support real estate businesses in difficult times due to the disease.
In particular, the HoREA proposes the government to add real estate sector to the list of business fields that can be eligible for a five-month extension of value-added tax payment starting from March 2020.
Ho Chi Minh City real estate developers have been having great difficulties with large inventories in the first three months of this year.
According to the HoREA, between October 2015 and the end of 2018, there were 126 commercial housing projects stuck with investment procedures as they are located on land that includes a mixture of plots earmarked for different land uses.
In addition, 158 other real estate projects built on land managed by the state were halted and are being reviewed for compliance.
Source: VIR
Related News
VIETNAM EYES 8% GDP GROWTH IN 2025
The State Bank of Vietnam (SBV) has been tasked with closely monitoring global and regional economic developments and adjusting monetary policies to align with shifts in major economies. The directive emphasizes reducing lending rates, managing deposit rates at commercial banks, and ensuring credit flows remain uninterrupted in early 2025.
GOVERNMENT MEMBER FOR 2021-2026 TERM
The 2021-2026 government term was recently consolidated after the 8th session of the 15th National Assembly. It consists of 27 members, including the Prime Minister, five Deputy Prime Ministers, and 21 ministers and heads of ministerial-level agencies.
EXCLUSIVE OFFER FOR HKBAV MEMBERS
Minimum order: 1 box (10 gift boxes per box; 6 gift bags per box)Free shipping on orders over 2 million VND (nationwide delivery across Vietnam)Volume discounts available for large orders
TOTAL FDI REGISTERED IN VIETNAM HITS 31.4 BILLION USD IN JANUARY-NOVEMBER
As of November 30, 2024, the total newly registered capital, adjusted capital, and capital contributions or share purchases by foreign investors in Vietnam reached nearly 31.4 billion USD, up 1% increase compared to the same period last year.
QUANG TRI TARGETS 6,000 MW WIND POWER CAPACITY BOOST
The central province of Quang Tri is seeking the Government’s approval to expand its wind power capacity by an additional 1,500-2,000 MW for onshore projects and 2,600-4,000 MW for offshore projects, according to the Vietnam News Agency.
HCMC’S RETAIL SALES REACH NEARLY VND568 TRILLION
HCMC’s retail sector has shown a notable recovery this year, with total retail sales of goods nearing VND568 trillion, an 11% uptick compared to the previous year, according to the HCMC Department of Industry and Trade.This year marks the second consecutive year the city has implemented its market stabilization program, with businesses playing a pivotal role in maintaining stable prices and ensuring a steady supply of goods.