Property auction fee shall not exceed 300 million in a single auction

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The property auction council is allowed to use collected fees to pay its expenses and pay the surplus amount to the State budget. Photo: Internet

The collecting level of the property auction fee is defined as below: if the property is successfully sold, the collecting level will be calculated upon the value of property sold at auction.

Specifically, the collecting level for a property sold at an auctionunder 50 million dong is 5% of the sold property; from 50 million to 1 billion dong is 2.5 billion dong plus 1.5% of sold property value in excess of 50 million dong; from more than 1 billion dong is 16.75 million dong plus 0.2% of sold property value in excess of 1 billion dong; from 10 billion dong to 20 billion dong is 34.75 million dong plus 0.15% of sold property value in excess of 10 billion dong; from more than 20 billion dong is 49.75 million dong plus 0.1% of sold property value in excess of billion dong. But the total fee will not exceed 300 million dong in a single auction.

If the property fails to be sold at auction, the sellers, judgment enforcement authorities, financial authorities shall pay practical and reasonable fees as described in Article 43 of Decree No. 17/2010/ND-CP for the property auction organization and property auction council within 7 days fromthe date of finishing the auction, excepting other agreements of concerned parties or other legalprovisions.

The collecting level for the property auction entry fee is defined from 50,000 dong to 500,000 dong/dossier for starting price of the property for auction.

The property auction council is allowed to use collected fees to pay its expenses and pay the surplus amount to the State budget.

If property auction service centers managing and using the property auction fees are ensured on the expenses for auctions by the State, they must pay all collected amounts to the State budget under the current laws.

If property auction service centers are not ensured on the expenses for auctions by the State, they can keep a part of collected amounts to pay the auction and fee collection under the law; and the remaining fees must be submitted to the State budget.

Basing on the collecting fee and entry fee applying at a locality and operations of the property auction service centers, the People’s Council of provinces and cities under the Central Government shall decide the percentage upon the collected auction fee and entry fee to pay the fee for auction organization and fee collection.

If the collecting unit is an enterprise having properties for auction (except auction of land use rights): the collected auction fees and entry fees are collections not subject to the State budget. The collecting unit is obliged to pay the tax under the law for collected fees and has the right to manage and use the collected fees after paying the tax as prescribed. Annually, the collecting unit must prepare tax finalization for the collected fees with the tax authority under the current law on tax.

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The Circular takes effect from 12 February 2017 to 1 July 2017.