Land Tax Act Article 49

When transferring land ownership or establishing Dien rights, both the right holder and the obligor shall, within thirty days from the date of contract conclusion, submit a copy of the contract and relevant documents to the competent tax authority jointly to file the declaration of the present value of the land transfer. However, if permitted by regulations, the right holder may independently apply for registration. In such cases, the right holder may independently file the report of the transfer value.The competent tax authority shall, within seven days from the date of receiving the report on the present value of the land transfer, assess the amount of land value increment tax payable and issue a tax bill, which shall be delivered to the taxpayer. However, in cases applying the tax rate for self-use residential land, this period may be extended to twenty days.After paying the land value increment tax, both the right holder and the obligor shall jointly apply to the competent land administration authority for registration of land ownership transfer or establishment of Dien rights. When registering, if errors are found in the assessed present value, original land value, or previous transfer value, the competent land administration authority shall immediately refer the matter to the competent tax authority for correction and re-assessment of the land value increment tax.