Draft decree sets same registration fees for assets nationwide

The Ministry of Finance will replace municipal and provincial authorities to set registration fees for all assets, except for those of houses and land, to ensure the same levels will be applied nationwide if a draft decree is issued.

Under the prevailing regulations, registration fees for assets are decided by governments of provinces and cities, leading to different levels in different localities. However, the ministry will be assigned to calculate registration fees for vessels, motor boats, barges, cruise ships, aircraft, motorcycles, autos, trailers and semi-trailers, among others under the Government’s draft decree.

The registration fees in the draft decree are almost the same as the current levels, with 1% of the total value applied to vessels, motor boats, barges, cruise ships, and aircraft; 10% to autos with less than 10 seats; and 2% to motorbikes. However, bikes of individuals and organizations in cities and towns would be subject to 5% for the first registration and 1% from the second registration.

The draft decree specifies registration fee exemptions for the land lots allocated and leased by the State for agriculture, forest planting, fish farming and salt production; agricultural land reclaimed by households and individuals and licensed by competent agencies; leased land with annual rental payments; land used for community and religious purposes approved by the State, and land for cemetery projects.

There is no registration fee for agricultural land whose land use right is transferred among households and individuals in line with the existing regulations. However, the draft decree limits the registration fee exemption for the change among households and individuals living in the same communes, wards and towns.

Source: Saigontimes