In the draft decree on reducing land rent in 2024 to promote production and business, the Ministry of Finance proposed a maximum reduction of 30%, equivalent to VND 4,000 billion.
The reason for the above proposal is that the Ministry of Finance informed that people and businesses in the Northern provinces suffered heavy losses. due to Typhoon Yagi (storm No. 3) and recent floods. At the same time, implementing the direction of the National Assembly Standing Committee and the Government on solutions to support production and business activities and promote economic development, the Ministry of Finance proposes to continue applying the policy of reducing land rent as implemented in the past 4 years.
According to the draft decree, the subjects eligible for reduction land rent In 2024, the lessee is an organization, unit, household or individual (hereinafter referred to as the land lessee) who is being directly leased land by the State according to a decision, contract or certificate of land use rights, house ownership rights and other assets attached to the land of a competent state agency in the form of annual land rent payment.
The Ministry of Finance also emphasized that even in cases where land tenants are receiving a reduction in land rent, their land rent will also be reduced.
The Ministry of Finance has proposed two options for reducing land rent. Option 1 is a 15% reduction and option 2 is a 30% reduction in land rent payable in 2024.
The land rent reduction is calculated on the land rent payable for 2024, not on the outstanding land rent of years prior to 2024 and late payment fees (if any).
To receive a reduction in land rent, the land lessee must make a request according to the form and be legally responsible for the honesty and accuracy of the information and request for a reduction in land rent, ensuring that it is for the right subject.
The Ministry of Finance calculates that if the policy is approved, land rent is expected to decrease by about VND2,000 billion or VND4,000 billion, with an expected reduction of 15% or 30%, respectively.
The amount of land rent reduction under this policy will not significantly affect total budget revenue The State in general will have a great impact on the recovery and development of production and business of organizations, individuals, households and enterprises; thereby increasing budget revenue from taxes to compensate for the decrease in revenue due to the reduction in land rent.
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