The Ministry of Finance requests to strengthen revenue loss prevention for trading and transfer of real estate

The Ministry of Finance requests to strengthen revenue loss for trading and transfer of real estate, Photo: H.A

Recently, the Minister of Finance issued documents No. 14257/BTC-VP dated December 15, 2021 and No. 438/BTC-VP dated January 12, 2022 directing the General Department of Taxation and local tax department to carry out solutions on preventing revenue loss of tax in transferring and trading real estate; guide people and businesses to declare the correct transfer prices, improve management efficiency, and ensure state revenue collection.

However, this work is still facing many difficulties. Therefore, the Minister of Finance directed the General Department of Taxation to urgently provide solutions to closely determine the real estate market price in order to avoid tax loss (coefficients, databases).

Furthermore, the tax authority will continue to closely coordinate with notarial practice organizations and relevant state agencies to effectively implement measures to combat tax loss in trading and transferring real estate. At the same time, strengthening inspection and strictly handling violations of tax officers.

The Ministry of Finance requested the General Department of Taxation to submit quarterly reports on the assessment of the results of the fight against tax loss in trading and transferring real estate; inspection results of dossiers of taxpayers who make additional declarations but do not change the transfer price.