Headlines 07/01/2021 16:49 CH

Maximum remuneration paid for property auction services is increasing as of February 4, 2021

Thùy Liên

Ministry of Finance issues the Circular No. 108/2020/TT-BTC amending and supplementing the Circular No. 45/2017/TT-BTC dated May 12, 2017, regulating the range of remunerations paid for property auction services under the provisions of the Law on Property Auction.

According to this document, the range of remuneration for the property auction service is regulated in Article 3 of the Circular No. 45 as follows:

The range of remunerations for a successful property auction under an auction service contract will include:   

- Minimum limit: VND 1,000,000/contract;

- Maximum limit equivalent to each value bracket of property to be auctioned at respective opening prices are prescribed in Appendix I and II to the Circular No. 45, but not exceeding VND 400,000,000/contract (Current regulations prescribe the maximum amount of remuneration does not exceed VND 300,000,000/contract).  

The aforesaid remuneration paid for property auction service is the amount in which VAT and property auction costs prescribed in clause 2 of Article 66 in the Law on Property Auctions are not included yet.

(Current regulations prescribe that the remuneration paid for property auction services is the amount in which VAT is not included yet, but reasonable and legitimate costs that sellers must pay to auctioneers in order for them to conduct auctions as legally prescribed).

Circular No. 108/2020/TT-BTC is entering into force as of February 4, 2021.

>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE

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