This regulation aims to provide criteria to more clearly identify individuals doing small-scale real estate business. Because according to Clause 3, Article 9, Law on Real Estate Business 2023 stipulates that individuals doing small-scale real estate business do not have to establish a business, but must declare and pay taxes according to the provisions of law.
The Draft Decree detailing and guiding the implementation of a number of articles of the 2023 Law on Real Estate Business stipulates in detail the conditions for individuals to participate in real estate business.
Accordingly, the Ministry of Construction is proposing 3 options to identify individuals doing small-scale real estate business. Option 1: Individuals selling, transferring, or leasing existing houses or future houses: 3-5 houses or apartments in a year. Individuals selling, transferring, or leasing existing or future construction works: 5-10 works or 5-10 floor areas of a work within 1 year.
Option 2: Individuals doing small-scale real estate business can be identified by selling or leasing real estate under their ownership or right to use with an area of 1,000 - 2,000 m2 of land in urban areas. In rural areas, this area is larger, around 3,000 - 5,000 m2.
Option 3: Individuals invest in building individual houses with 2 floors or more and a scale of less than 20 apartments as prescribed in Clause 3, Article 57 of the Housing Law. Individuals sell or rent houses originating from inheritance or gratitude houses, charity houses, and solidarity houses that individuals are given by other parties.
Meanwhile, current law does not provide specific details for real estate business cases that do not require establishing an enterprise.
Apartments under 2 billion VND in Ho Chi Minh City have disappeared
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