How Are The Operating Funds for Land Use Rights Auctions Utilized?

According to the regulations at Circular 48, depending on whether the auction is conducted by a property auction organization or by the Land Use Rights Auction Council, the management and use of funds will differ, specifically:

For auctions conducted by a property auction organization:

- The property auction organization is responsible for collecting the application purchase fee;- The collected amount is deducted from the auction service fee. The remaining amount (if any) is transferred to the agency responsible for handling the land use rights auction to pay for other expenses; if there is a surplus, it is deposited into the state budget. In case the collected amount is insufficient to cover the auction service fee, the shortage is compensated from the deposit and the budget estimate of the agency responsible for handling the land use rights auction.

For auctions conducted by the Land Use Rights Auction Council:

- The Land Use Rights Auction Council is responsible for collecting the application purchase fee;- The collected amount is used to pay for expenses. The remaining amount (if any) is transferred to the agency responsible for handling the land use rights auction to pay for other expenses; if there is a surplus, it is deposited into the state budget. In case the collected amount is insufficient to cover the expenses, the shortage is compensated from the deposit and the budget estimate of the agency responsible for handling the land use rights auction.

For more details on the expenditures for auction activities, please refer to Circular 48/2017/TT-BTC effective from July 1, 2017.

- Thanh Lam -

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