Decree No. 47/2003/NĐ-CP Amending and Supplementing Article 6 of Decree No. 176/1999/NĐ-CP dated December 21, 1999 of the Government on stamp duty for real estate transactions

DECREE

Amending and supplementing Article 6 of Decree No. 176/1999/NĐ-CP dated December 21, 1999 of the Government on stamp duty

on transfer

________________

THE GOVERNMENT

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the Ordinance on Fees and Stamp Duties dated August 28, 2001;

To implement Resolution No. 13/2002/NQ-CP dated November 19, 2002 of the Government on measures to curb the increase and gradually reduce traffic accidents and traffic congestion;

At the proposal of the Minister of Finance,

DECREE:

Article 1. Amend and supplement Article 6 of Decree No. 176/1999/NĐ-CP dated December 21, 1999 of the Government on stamp duty as follows:

Article 6. The rate (%) for collecting stamp duty is prescribed as follows:

1. Real estate at 1%.

2. Ships and boats at 1%. For distant-sea fishing vessels, it is 0.5%.

3. Cars, motorcycles, hunting rifles, and sports guns at 2%. Specifically:

a) Cars with up to seven seats (excluding cars engaged in passenger transport business according to Business License or Business Registration Certificate issued by competent state management agencies) and motorcycles owned by organizations and individuals in centrally-administered cities, provincial cities, and towns where the provincial People's Committee has its headquarters shall pay stamp duty at 5% upon first registration.

b) For cars with up to seven seats (excluding cars engaged in passenger transport business according to Business License or Business Registration Certificate issued by competent state management agencies) and motorcycles that have already paid stamp duty according to point a of this clause and then transferred to organizations and individuals in areas subject to lower rates of stamp duty, they shall pay stamp duty at 2% for cars and 1% for motorcycles.

In case the owner of such property has declared and paid stamp duty at a rate lower than 5% and subsequently transferred the property to organizations and individuals in areas specified in point a of this clause, they shall pay stamp duty at a rate of 5%.

c) For motorcycles paying stamp duty from the second registration onwards, the rate is 1%, except for cases stipulated in point b of this clause.

4. The maximum amount of stamp duty collected for assets prescribed in clauses 1, 2, and 3 of this Article is VND 500 million per asset. For production and business workshops, the total area within the same premises of the production and business facility will be considered together.

Article 2. This Decree takes effect 15 days after its publication in the Official Gazette. All previous regulations on the rate of stamp duty that conflict with this Decree are hereby abolished.

Article 3. The Ministry of Finance shall guide the implementation of this Decree and coordinate with the Ministry of Public Security and the Ministry of Transport to unify guidance and management measures to control and prevent the practice of registering cars and motorcycles in areas with lower stamp duty rates and then transferring them to cities and towns with higher stamp duty rates for use and circulation.

Article 4. The Ministers, Heads of ministerial-level agencies, Heads of government-affiliated agencies, Chairpersons of provincial people's committees under the central government shall be responsible for enforcing this Decree.