Numerous real estate companies owing in taxes and fees

May 27, 2019 | 10:33
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The Hanoi Department of Taxation has just announced that hundreds of real estate companies owe a total of VND1.126 trillion ($48.9 million) in tax, administrative fees, and other land-related sums.
numerous real estate companies owing in taxes and fees
The Ao Sao urban area of Lung Lo 5 Investment and Development JSC in Hoang Mai district, Hanoi is one of the biggest projects owing land rental fees

According to the announcement, 96 companies were informed of having tax arrears for the first time with a total of nearly VND100 billion ($4.35 million). Lung Lo 5 Investment and Development JSC (LIC5) and its debt of VND4.5 billion ($195,650) as of the end of March 2019 was at the top of the list, followed by KIMECO VINA Co., Ltd. with VND3 billion ($130,435) and Tayho Technology Development JSC with VND1.8 billion ($78,260).

They are followed by four companies owing VND31.5 billion ($1.37 million) in land rent, including Sy Ngan JSC with VND15 billion ($652,174), Dai Duong Construction and Development JSC with VND8.5 billion ($369,565), Khu Bac Construction JSC with VND6.5 billion ($282,600), and Dong Son Construction and Trading JSC with VND1.5 billion ($65,220).

Additionally, Quang Trung Mechanical Engineering Co., Ltd. held the largest arrears in land use fees as of April 30, 2019 with nearly VND47 billion ($2 million).

In addition to the list declared for the first time, the Hanoi Department of Taxation once again published the list of 106 companies which had yet to pay a total of VND1.026 trillion ($44.6 million) tax arrears and land-related fees despite being on the list for years.

Accordingly, 94 companies owed VND588.2 billion ($25.57 million). Shipbuilding Industry Corporation (SBIC) ranks first with the debt of VND168.4 billion ($7.3 million), followed by Constrexim-Meco JSC, SIC JSC, and Vinadecor E&C JSC in the range of VND24-26 billion ($1.04-1.13 million).

Among the five companies owing VND13 billion ($565,200) in land rent, Thang Long 12 Construction JSC has the largest debt, exceeding VND8 billion ($347,820), followed by Thang Long 8 Construction Company with VND2.736 billion ($119 million) and Minh Nguyet Co., Ltd. with VND1.416 billion ($64.56 million).

Among the seven companies owing VND424.8 billion ($18.5 million) of land use fees on the re-announced list, Hoang Ha Construction Co., Ltd. ranks first with the debt of VND164.3 billion ($7.14 million), Lilama JSC, World Gems Co., Ltd. with VND69.36 billion ($3 million) each, Kim Anh Co., Ltd. with VND42.4 billion ($1.84 million), 379 Construction and Trading JSC with VND37.6 billion ($1.63 million), Transport Trading and Construction JSC (TRACO) with VND29.8 billion ($1.3 million), and Phu My Thanh JSC with VND11.97 billion ($0.5 million).

According to the Hanoi Department of Taxation, between last January and April, the authority informed 258 companies of their debts in tax, fees, and land-related sums with a total of VND1.099 trillion ($47.8 million), as well as re-announced 115 companies owing VND2.568 trillion ($111.65 million).

As a result, a total of 373 companies owe VND3.667 trillion ($159.4 million), and 104 of them have paid VND36 billion ($1.56 million) so far.

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