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Ministry to tax delayed projects

 HCMC – The Ministry of Natural Resources and Environment may use progressive tax to cope with long-delayed real estate projects, instead of taking administrative measures like withdrawing their licenses as now.

Minister Nguyen Minh Quang told the Q&A session of the National Assembly Standing Committee last week said that the ministry would propose amendments to the current law, using taxes to force investors to carry out their projects as scheduled.

Tax rates would rise year after year, meaning that the longer the project is on hold, the higher taxes the investor would pay. If the measure is applied, State agencies would not have to issue administrative decisions to withdraw land.

Slow-moving projects are not rare at the moment, partly due to poor consumption on the real estate market. Meanwhile, some investors have failed to clear land to carry out their projects.

For instance, Hanoi City’s government has reviewed slow projects, finding out around 130 projects covering a total of 1,600 hectares should be handled urgently.

In HCMC, local government late last year ordered districts to withdraw 380 hectares of land from 29 housing projects.

As of late 2012, the city’s government took back land from 108 delayed projects with a total area of nearly 2,200 hectares.

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