Vietnam: Principles of exemption and reduction of land rental in economic zones

Duy Thinh

09:40, 30/09/2017

The Ministry 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.

According to Circular No. 89/2017/TT-BTC of the Ministry of Finance of Vietnam, an organization or individual that is leased land or water surface by the management board of the economic zone may enjoy exemption or reduction of rental only after completing the following procedures:

- If a lessee of land or water surface is eligible for exemption or reduction of rental but fails to carry out procedures for requesting rental exemption or reduction:

+ It/he/she must pay the land rental or water surface rental in accordance with law.

+ If the procedures for requesting land rental exemption or reduction are carried out late, no land rental or water surface rental shall be exempted or reduced for the late period.

- If an application for rental exemption or reduction is submitted when the prescribed incentive period ends:

+ No land rental or water surface rental shall be exempted or reduced.

+ If it is submitted while rental exemption and reduction incentives still remain valid, land rental or water surface rental shall be only exempted or reduced for the remaining incentive period as from the receipt of a valid application.

View other guidelines at Circular No. 89/2017/TT-BTC of the Ministry of Finance of Vietnam, effective from October 06, 2017.

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