Is real estate transactions through banks possible?

In order to prevent tax loss in the real estate sector, the General Department of Taxation has advised the Ministry of Finance to propose that real estate transactions must go through banks.

According to experts, real estate transactions through banks are an important condition for the real estate market in particular and the economy in general to operate openly and transparently, ensuring safety for both buyers. both seller. It has many advantages such as: convenient, accurate and safe in transactions, while minimizing complicated disputes about payment, controlling tax evasion and money laundering.

“It’s time to stipulate that the purchase and sale of real estate in particular, and of large-valued assets in general, must be done through the banking system to ensure proof of income origin, transparency and transparency. Bach”, commented Mr. Dinh Trong Thinh, an economist.

How to control real estate transactions through banks is also an issue to discuss. (Illustration image – Photo: Labor)

Despite many advantages, this proposal also received mixed opinions, because how to control banking transactions is also an issue that needs to be discussed.

“Suppose a transaction of 10 billion, people transfer 5 billion and outside transactions 5 billion in cash with each other, the reality is that it is not controllable in terms of tax evasion, only in terms of appearance,” he said. Ngo Hong Tuan, an investor, said.

“When that property belongs to you, you can do whatever you want. When that transaction happens, it is a civil transaction, but the civil is the two parties’ agreement, but we cannot pressure,” said Ms. Do Thi Hong Hanh, General Director of Lac Viet Auction Partnership.

In particular, changing consumer habits takes time and an appropriate route.

“Previously it was not required, now it is necessary to set a certain roadmap, a few years. In the immediate future, a minimum limit of cash payment should be specified, such as 100 million. In addition, a number of regulations should be specified. In special cases with good reasons, it is still possible to pay part or all of it in cash,” said Lawyer Truong Thanh Duc, Director of ANVI Law Firm.

Real estate transactions through banks are very common in many countries around the world. Vietnam – with the strong development of the digital economy, there will certainly be specific regulations on this issue in the near future.

Minh Hang