On September 28, 2023, the Ministry of Finance issued Circular 61/2023/TT-BTC ("Circular 61") regulating the collection rate, regime of collection, payment, management and use of fees in the field of registration of secured transactions to replace Circular 202/2016/TT-BTC dated November 9, 2016 ("Circular 202") and Circular No. 113/2017/TT-BTC ("Circular 113") dated October 20, 2017 (amending Circular 202) of the Minister of Finance.
1. Scope of application: compared to Circular 202, Circular 61 clearly defines the subjects of application as collection rates and collection regimes in the field of registration of secured transactions for assets:
+ Real estate (except securities registered centrally at Vietnam Securities Depository and Clearing Corporation, aircraft);
+ Ships;
+ Annual plants as prescribed in the Law on Cultivation;
+ Temporary works as prescribed in the Law on Construction.
In addition, Circular 61 also clearly identifies cases in which fees are not applied as prescribed, in which:
(i) 1 number of cases previously identified as exempt under Circular 202:
+ Individuals and households shall register loan security measures at credit institutions under the Government's rural vocational development loan program;
+ Civil judgment enforcement agencies, executors, competent agencies, competent persons have requests to delete registration or request to withdraw one or several security assets to delete registration for this asset;
(ii) New cases:
+ Delete registration according to court judgments or delete registration of mortgage of property rights arising from housing purchase and sale contracts or from contracts for sale and purchase of other assets attached to land that have been transferred to registration of housing mortgage or mortgage of other assets attached to land;
+ Cancellation of registration due to discovery in case of refusal of registration or duplicate registration or according to court decisions.
2. Data lookup each time will be charged: accordingly, Circular 61 stipulates the issuance of codes used for self-search once according to basic criteria of VND 10,000/time and data lookup according to basic criteria, advanced criteria and data extraction by the registration agency is VND 2,000/transaction.
Other fees in Circular 61 have not changed compared to Circular 202 and Circular 113.
Circular 61 takes effect from November 15, 2023.
In addition, customers note that the security transaction registration fee is still being reduced to support people and businesses until the end of December 31, 2023, as stipulated in Circular 44/2023/TT-BTC dated June 29, 2023 (ATA has updated the contents of Circular 44/2023/TT-BTC here).
Comment: