This is one of the solutions contributing to the transparency of investment funds, combating money laundering and gradually avoiding the loss of real estate transfer tax revenue.
Along with that, the authorities must strictly enforce and severely punish the case of the notary office, the real estate transfer price is lower than the real value. From there, step by step avoids loss of tax revenue in real estate transfer.
According to Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), 10 years ago the association also proposed the same to the Ministry of Construction for comments on the Outline of the Law on Real Estate Business (amended); in which it is proposed that real estate buyers must pay via banks, in order to implement a number of articles of the Law on Anti-Money Laundering.
HoREA Chairman said that the mandatory regulation of payment through banks for real estate transactions is reasonable. Transferring real estate transfer money through banks will gradually contribute to preventing the declaration of tax payment prices lower than the actual value to avoid tax, contributing to the fight against tax loss, anti-money laundering and market transparency. From there, it can also contribute to limiting the situation of price blowing and manipulating the market to destabilize as in the past time.
Along with the regulation that real estate transfer must be paid through banks, MSc. Tran Thi Mo, Faculty of Taxation – Customs, University of Finance – Marketing, said that tax authorities at all levels need to better implement the measures taken, such as collecting evidence to verify transfer prices such as verifying with other agencies. Notary office on deposit contracts, other contracts with tax declaration prices, contract appendices with adjusted prices, loans to buy real estate…
In addition, tax administration agencies actively coordinate to provide the database on which taxpayers have declared tax in case there is a price fluctuation higher than the price issued by the People’s Committee (including the tax coefficient). land price adjustment) for the agency of natural resources and environment, so that this agency can coordinate with relevant agencies to review and promptly advise the Provincial People’s Committee to decide to issue the land price list, as well as the adjustment coefficient. land price close to the actual transaction price on the market as prescribed by law.
Dr. Nguyen Minh Phong also said that the situation of declaring two prices can only be terminated when the State has price consulting agencies, or provides price consulting services, price appraisal as well as independent price investigation.
Recently, the phenomenon of organizations and individuals buying, selling and transferring real estate with 2 prices is quite common, which has been causing loss of revenue for the state budget. Minister of Finance Ho Duc Phuc also had to admit, there is tax evasion and profiteering on real estate transfer tax.
According to Minister Ho Duc Phuc, this is a loophole that causes the state to lose tax money, and the Ministry of Finance has written to urge the General Department of Taxation and local Tax Departments to have written directives to prevent revenue loss in the tax sector. real estate sector. The Ministry of Finance guides in the direction that if low prices are declared, they will be calculated according to the land price list issued by the Provincial People’s Committee.
Minister Ho Duc Phuc said that according to the Land Law, the land price list will be issued every 5 years, during this time the People’s Committees of the provinces must issue the land use coefficient to adjust the land price. Therefore, the land price list and the adjustment coefficient are the land prices for real estate tax collection, this is not illegal, completely legal and in accordance with Decree 14 on the method of determining coefficients at the right time.
According to the Ministry of Finance in the first five months of 2022, personal income tax revenue from real estate transfer is expected to reach VND 16,000 billion, up 68.6% over the same period in 2021, corresponding to an increase of 6,600 billions dong.
In order to prevent loss of real estate transfer tax revenue, Minister Ho Duc Phuc said that in the near future, the ministry will ask localities to build operating coefficients and data on real estate sales to enhance transparency in revenue. real estate transfer tax.