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Land rent reduction provide significant boost to support businesses and people

BAC GIANG - On October 3, 2023, the Prime Minister issued Decision No. 25/2023/QD-TTg (Decision 25) on land rent reduction in 2023. This policy is considered a "new breeze" to add more motivation for businesses in Bac Giang province to overcome difficulties and stabilize production and business after the Covid-19 pandemic.

According to Decision 25, organizations, businesses, households and individuals which are allowed to lease land directly by the State according to decisions or contracts, certificates of land use rights, housing and property ownership or other assets attached to land of a competent State agency in the form of land lease with annual payments will receive a 30 percent reduction in land rental cost in 2023.

Land rent reduction, provide significant boost, support businesses and people, Bac Giang province, Covid-19 pandemic, overcome difficulties, stabilize production and business

Muong Thanh Hotel (Bac Giang City) is one of the units receiving land rent reduction in 2023.

Phuong Bac Steel Joint Stock Company in Song Khe - Noi Hoang Industrial Park is one of the businesses that enjoys the land rent reduction policy. The company has rented land on an area of more than 22,000 square meters.

Due to the impact of the Covid-19 pandemic, recent production and business activities of enterprises have faced many difficulties. Tran Van Hien, Director of the Company said that this year, according to calculations, the business had to pay land rental cost of nearly 172 million VND (7,245 USD).

Applying Decision 25, the Company received a land rent reduction of more than 51.5 million VND in 2023. Although the tax reduction is not big, it helped businesses have more capital to maintain production in difficult time.

The owner of Muong Thanh Hotel currently rents nearly 18,000 square meters of land in February 2 Square in Ngo Quyen ward (Bac Giang city). In 2023, the owner is offered a land rent reduction of over 591 million VND.

Currently, the hotel owner has focused on completing documents to send to the tax authority for appraisal and issuance of land rent reduction decision as regulations.

According to preliminary review results of the Provincial Tax Department, this year, the whole province has 1,279 cases eligible for land rent reduction under Decision 25, of which 775 are organizations and businesses while the rest are households, individual. Total land rent is reduced by nearly 42 billion VND.

Many other businesses are also eligible for land rent reduction. Typically, Steel Joint Stock Company No. 10 in Song Khe - Noi Hoang Industrial Park received a reduction of over 23 million VND; Chien Nga Co., Ltd. In Bac Giang City reduced more than 13.5 million VND...

According to the preliminary review results of the Provincial Tax Department, the whole province has 1,279 cases eligible for land rent reduction according to Decision 25, including 775 organizations and businesses while the rest are households and individuals. Total land rent is reduced by nearly 42 billion VND.

Reducing land rent according to Decision 25 is an appropriate financial support solution, helping taxpayers flexibly allocate capital to maintain production and pay workers. When businesses develop, they will increase revenue for the state budget.

To implement Decision 25 effectively, the Provincial People's Committee issued a document requesting the Provincial Tax Department to preside over timely implementation with appropriate subjects. Relevant agencies, businesses, organizations and individuals proactively report arising problems to the tax authorities for guidance and answers.

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Land rent reduction, provide significant boost, support businesses and people, Bac Giang province, Covid-19 pandemic, overcome difficulties, stabilize production and business
 
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