Vietnam: What are the regulations on land price tables when annulling land price bracket under Draft Land Law?
What are the current regulations on land price brackets in Vietnam under the Land Law?
According to Article 113 of the Land Law 2013 on land price bracket:
Land price brackets
The Government shall promulgate land price brackets once every 5 years for each type of land and for each region. During the implementation of land price brackets, if the popular price in the market increases 20% or more over the maximum price or reduces 20% or more below the minimum price prescribed in land price brackets, the Government shall adjust land price brackets accordingly.
Thus, the regulations on the land price bracket are specified in the Land Law 2013 as mentioned above.
What are the regulations on the determination of land prices in Vietnam when annulling land price brackets under Draft Land Law?
According to Article 129 of the Draft Land Law (amended) which stipulates the principles and methods of land valuation:
Principles and Methods of Land Valuation
1. Land valuation must ensure the following principles:
a) According to the land use purpose for valuation;
b) According to the land use term;
c) In line with the common land price in the market under normal conditions;
d) Comply with standards, methods, procedures, and land valuation procedures as stipulated by law;
dd) Ensure independence in professional expertise, honesty, and objectivity of the valuation results among the valuation agency, the appraisal agency, and the decision-making agency.
2. The Government of Vietnam stipulates specific regulations on standards, methods of land valuation, and procedures for inspecting and supervising the construction of land price tables and specific land valuations.
According to Article 19 of the Draft Land Law (amended):
The State Decides the Land Prices
1. The State stipulates the principles and methods of land valuation.
2. The State issues the land price tables and specific land prices.
What are the regulations on land price tables in Vietnam when annulling land price brackets under Draft Land Law? (Image from the internet)
Shall land price tables serve as the basis for calculating land levies in Vietnam?
According to Article 130 of the Draft Land Law (amended) which stipulates land price tables as follows:
land price tables
1. Based on principles, standards, land valuation methods, common market land prices, and land price fluctuations, the provincial People's Committee constructs and submits the land price tables to the same-level People's Council for approval before issuing. The land price tables are constructed annually and publicly announced on January 1 of the year.
During the implementation of the land price tables, if the common market land price fluctuates, the provincial People's Committee adjusts the land price tables accordingly.
2. The land price tables stipulate the prices of different types of land by location. For areas with cadastral maps and market land price databases, land price tables are constructed according to the land value ranges and standard plot prices.
3. The land price tables are used as a basis in the following cases:
a) Calculating land levy when the State recognizes the land use rights of residential land of households and individuals for the area within the limit; allows the change of land use purpose from agricultural land, non-agricultural land that is not residential land to residential land for the area within the allocation limit for households and individuals;
b) Calculating land use tax;
c) Calculating income tax from the transfer of land use rights;
d) Calculating additional land levy for cases of delayed land use or non-use of allocated land;
dd) Calculating fees and charges in land management and use;
e) Calculating fines for administrative violations in the field of land management;
g) Calculating compensation to the State for damages in land management and use;
h) Calculating the value of land use rights to reimburse the State for voluntarily returning land where the land was allocated by the State with a collection of land levies, recognized with a collection of land levies, or leased with a one-time rental payment for the entire lease period;
i) Calculating the starting price for auction of land use rights to allocate land or lease land to households and individuals.
4. The Government of Vietnam stipulates the principles for determining stable collection levels over 5 years, not exceeding 20% compared to the previous period, in line with the local socio-economic conditions to calculate land financial obligations in the cases specified in points a, b, c, and đ clause 3 of this Article.
5. The Government of Vietnam stipulates the details of this Article.
Thus, under the new regulations in the Draft Land Law (amended), the land price bracket is abolished and replaced by the land price tables serving as the basis for calculating land rent and detailing other specific cases.
Notably, the provincial People's Committee will adjust land prices according to market land prices under this Draft.
LawNet
