Circular No. 48/2012/TT-BTC dated March 16, 2012 of the Ministry of Finance on guiding the determination of the reserve prices and financial regulations in land use right auctions for allocation of land subject to land levies or land lease

ESTABLISHING THE LAND USE RIGHT AUCTION COUNCIL TO USE HIGH-VALUE LAND USAGE’S RIGHT

On March 16, 2012, the Ministry of Finance issued the Circular 48/2012/TT-BTC guiding the determination of the reserve prices and financial regulations in land use right auctions for allocation of land subject to land levies or land lease.

Under this Circular, the land use right auction council is established in the case of rights to use land of high value, specifically: for centrally-affiliated cities, the reserve price for the entire project or the entire land is from 1,000 billion VND and above; from 300 billion VND and above for highland provinces; from 500 billion VND and above for the other provinces.

The above value rates are minimum rates. Basing on the actual conditions of the locality, the provincial People’s Committee shall decide the specific value rates to form the basis for establishing the Council but such values must not be lower than the corresponding value rates stipulated above.

The President of the People’s Committee at the competent level making decisions on land use right auction shall make the decision on establishing the land use right auction council to conduct land use right auctions in special cases prescribed under this Circular.

The composition of a Council includes: the leader of the People’s Committee at the same level (or an authorized person) is the President of the Council; the members are representatives of agencies: Natural Resources and Environment, Finance, Justice, Inspection, Construction, agencies assigned to conduct land use right auctions and representatives of relevant agencies, organizations, units.