What are the taxes and fees that have to be paid for purchase of property?

Question:

What are the taxes and fees that have to be paid for purchase of property?

Answers:

According to Article 2, 3 and 7 of the Decree No.45/2011/ND-CP dated 17 June 2011 provide that organization and individuals have to pay a fee before register the ownership/use right to competent authority.  Property is one of the subjects to that fee and the fee is 0, 5% of the price provided by the People Committee of the Province where the property is located.

In addition, Article 22 of the Decree No.65/2013/ND-CP dated 26 7 July 2013 provides that the income tax for seller of the property is 25% of the total income, in case there is no basic to calculate that income, the tax is 2% of the transaction value.

According to Article 3.1 (a) of the Circular No.62/2013/TTTT-BTC-BTP dated 13 May 2013, the notary fee is from 500,000 VND to 3,000,000 VND depending on the value of the transaction.

Subject to the agreement between seller and purchaser the notary and other fee (if applicable) could be shared by both parties or paid by either party. 

Source: AsiaReal