New financial regulations on auction of land use rights

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If the auction cannot be held, the auction deposits shall be refunded. Photo: the internet.

Accordingly, funds for the auction of land use rights include: State budget estimates allocated for agencies to determine the upset price or handle the auction; amount from selling auction dossiers; nonrefundable deposits of auction participants and other legal funds under the regulation of the law.

Regarding amount from selling auction dossiers, the Circular clarifies the fee level. For auction of land use rights to transfer residential land to households and individuals, the maximum fee level shall be 100,000 VND per dossier for the land worth 200 million VND or less; 200,000 VND per dossier for the land worth from 200 million VND to 500 million VND and 500,000 VND per dossier for the land worth over 500 million VND. Besides above cases, the maximum fee level shall be 1 million VND for the land area of 0.5 hectares or less; 3 million VND for a land area from 0.5 to 2 hectares; 4 million VND for the land area from 2 to 5 hectares and 5 million VND for the land area of over 5 hectares.

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If the auction cannot be held, the auction deposits of auction participants shall be refunded within 2 working days from the date when the auction is expected to be organized. The deposits shall not be refunded for auction participants that violate the provisions of the auction law during the auction.

This circular takes effect from July 1st, 2017.