Vietnam’s regulations on collection of land use levy, land rental in economic zones and hi-tech zones
On August 23, 2017, the Minister of Finance of Vietnam issued Circular No. 89/2017/TT-BTC guiding certain articles of Decree No. 35/2017/ND-CP prescribing collection of land use levy, land rental and water surface rental in economic zones and hi-tech zones.
Article table of contents
According to Circular No. 89/2017/TT-BTC of the Ministry of Finance of Vietnam, the land rental unit shall be determined by multiplying a percentage (%) by the specific land price prescribed in Clause 1 Article 4 of Decree No. 35/2017/ND-CP of Vietnam’s Government, in which:
- The Department of Finance of province or central-affiliated city where the economic zone is located shall take charge and cooperate with the management board of that economic zone and relevant agencies to set specific percentages (%) used for land rental calculation which are between 0.5% and 3% depending on the land location, area and route corresponding to each land use purpose.
- The specific land price is determined according to the land price adjustment coefficient method prescribed in the Government’s Decree on land price etc.
Circular No. 89/2017/TT-BTC of the Ministry of Finance of Vietnam takes effect from October 06, 2017.
Source: Finance Magazine
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