Vietstock says it will be difficult to stop two-price real estate transactions

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VCCI: Difficult to stop two-price real estate transactions

Vietstock – VCCI: Difficult to stop two-price real estate transactions

VCCI stated that the land valuation method after the draft Land Law comes into effect is not practical because the situation of two-price transactions has not stopped immediately.

The Vietnam Chamber of Commerce and Industry (VCCI) has just provided opinions to the National Assembly’s Economic Committee on the draft land law. The agency acknowledges that there are still many impractical aspects in the input information requirements for determining land prices under the valuation method.

According to the draft, input information includes: the land price recorded in the notarized and certified transfer contract; the price of the land obtained at auction, which is not affected by sudden rise or fall factors; transactions with blood relationships or other incentives are recorded in the national land database middle.

If there is no land price information in the national database, land prices are collected through surveys.

VCCI stated that it would be difficult to implement the above provisions immediately after the law comes into effect. The land price elements recorded in the transfer contract have been notarized and certified and are inconsistent with the actual situation. At present, real estate transactions are still based on two prices, and it will take some time to change this situation.

On the other hand, it is difficult to determine whether the price was affected by factors that caused the sudden price increase, and the auction is conducted by the state, and market principles must still be guaranteed.

Hard rules can also create application difficulties if information collected through surveys and surveys is not available in national databases. Suppose the implementer sees that the land price is in the database, but it is not close to the market, and they cannot investigate and investigate to get the most accurate price.

Therefore, using only land databases or rigid supervision of contract prices and winning bid prices will reduce the flexibility of land valuation methods and market principles. VCCI suggested that when there is no land price information in the national database or land valuers find that the prices in the data do not comply with market principles, they have the right to collect land price information through surveys and surveys.

Furthermore, regarding land valuation methods, the VCCI recommends that the Drafting Committee consider prescribing the conditions for the application of the surplus method as currently provided for (i.e. the assumed revenue of the project minus the estimated costs, from which the governing body calculates the amount of land tax that businesses and individuals must pay).

The draft narrows the scope of application of this method, resulting in the determination of the land valuation method not being applicable to land parcels with development potential.

Narrowing the application conditions of the residual value method may make the determination of the land valuation method unsuitable for land parcels with development potential.

The revised draft of the land law has been reviewed in the 4th and 5th sessions of the National Assembly. Congress will vote to pass the bill on the morning of November 29, the last day of the sixth session. Course 15.

Deming

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