In case of land title transfer or creation of Dien, the right holder and obligor shall, in thirty days after the signing of contract, jointly file the declaration of land transfer value with the competent tax authority and submit a photocopy of the contract and other support documents. The right holder may apply for transfer registration independently if it is so provided by law.
The competent tax authority should assess the land value increment tax payable in seven days from the date of receiving the declaration of land transfer value and prepare and send the payment notice to the taxpayer. For applications for assessment of land value increment tax by the tax rate for self-use residential land, the aforesaid assessment period may be extended to twenty days.
After paying the land value increment tax, the right holder and the obligor shall jointly apply to the competent land administration for the registration of title transfer or Dien creation. If the competent land administration finds error in the assessed present value of the land, its original decreed value and/or previous transfer value when processing the registration cases, it shall immediately forward the case to the competent tax authority for reassessment of land value increment tax.