Local property firms' tax arrears go through the roof

Update: July, 13/2015 - 08:59
The department also made public a list of 23 businesses with tax arrears of VND1.23 trillion ($56.9 million). — Photo bizlive

HA NOI (VNS) — Twenty-eight property developers in Ha Noi have accumulated arrears in land use tax totalling some VND2 trillion (US$92.5 million), the municipal Department of Taxation has said.

The department last week released a list of 13 real estate projects with combined tax arrears of VND700 billion ($32.4 million). According to the list, at the end of last month, Phu Luong Urban Area project in Ha Dong District's Kien Hung Ward had arrears of VND193 billion ($8.9 million). A joint venture involving Trung Viet Investment and Construction Company, Song Da 2 Company and Hong Quang Construction Company has invested in the project.

The Van Khe Urban Area project had tax arrears of VND375 billion ($17.3 million). It was followed by a trade centre, office and apartment complex in 108 Nguyen Trai with arrears of VND152 billion ($7 million), the Wall Street project with arrears of VND75 billion and a complex in Trung Van, Tu Liem – Nhan Chinh and Thanh Xuan with arrears of VND79.5 billion ($3.6 million).

Other projects with tax arrears of several billion dong include a housing complex at No 35 Le Van Thiem Street with arrears of VND39 billion ($1.8 million), the Thanh Binh urban area project in Mo Lao District with VND14.7 billion ($680,000) in arrears and the 69 Trieu Khuc project with VND24.4 billion ($1.1 million) in arrears.

Some projects had arrears of less than VND10 billion ($462,000), such as an office and apartment project in Phuc La Ward and Vinafor in Van Phuc Ward, Dong Phat Hoang Mai.

The department also published a list of 15 other projects with large land use tax arrears, including an office, apartment and villa complex in Hoang Liet Ward with arrears of VND322 billion ($14.9 million), Thanh An complex with arrears of VND142 billion ($6.5 million) and the C1 project in Trung Hoa-Nhan Chinh Urban Area with VND115 billion ($5.3 million) in arrears.

The department also made public a list of 23 businesses with tax arrears of VND1.23 trillion ($56.9 million). — VNS