Circular No. 41/2015/TT-BTC dated March 27, 2015 of the Ministry of Finance amending Article 9 of the Circular No. 39/2011/TT-BTC dated March 22, 2011 of the Ministry of Finance on re-arranging and dealing with state owned housing and land

FAIL TO REMIT THE ESCROW ACCOUNT WITHIN 90 DAYS MUST PAY THE LATE AMOUNT

In accordance with the Circular No. 41/2015/TT-BTC dated March 27, 2015 of the Ministry of Finance amending Article 9 of the Circular No. 39/2011/TT-BTC dated March 22, 2011 of the Ministry of Finance on re-arranging and dealing with state owned housing and land. Within 90 days since relevant authorities approved the auction results (for ways of auction) or the Department of Finance promulgated the notifications on price of sale of assets on the land and from assignment of the land used right (for ways of appointment), the entire amount of money collected from sale of assets on the land and from assignment of the land use right must be remitted to the escrow account of the Ministry of Finance (for administrative body, professional unit, organizations, and state enterprises under the central management) or Department of Finance.

Within 90 days, if organizations, individuals buying assets fail to remit to the escrow account, the late amount of money shall be paid in accordance with the law on tax management. In this case, administrative body, professional unit, organizations, and state enterprises selling assets must send documents and dossiers to the Tax Department (where the land being sold is located) to determine and issue the notification on the amount of late payment according to the law on tax management. Amount of money from late payment shall be in the revenue of local budget.  If time limit for the remittance, late payment is not specifically specified under regulations on bidding, sale contract of the asset, late payment shall be implemented according to the regulations under Decision No. 71/2014/QD-TTg.

Where a State company which is permitted by the authority to assign a land use right, it shall have to pay land use fees when assigning land use right. The determination of land use fees shall be implemented in accordance with the law on collection of land use fees.