We would like to bring you notable customs updates for November 2021 with the following highlights influencing the import-export activities:
In this issue, there are notable topics covered as following:
- The Customs shall impost tax in case of liquidating part of duty-free imports being fixed asset, but without proper declaration
- New special-preferential import tariff for goods imported from Laos
- New guidance on entrusted-import serving for export-manufacturing business
- Taxpayers are not allowed to notify the Master list of duty-free import if the In-principle approval for investment has expired
- Guidance on Tax policy and Customs procedure for the transaction of borrowing mold and machine from EPE
- No penalty for goods imported into Vietnam without proper information on label
- Allow the additional declaration of royalty for many Customs declarations on 01 additional-combined declaration
- Imported automobile that do not participate in traffic is not subject to excise duty
- Exporting the imported goods under trading mode is also eligible to tax refund
- Amend export duty tariff and preferential import duty tariff
- No duty exemption in case of sending all imported material to other affiliated parties under the same company group for manufacturing / processing step
For regulation changes and tax matters, we can provide you with assistance on:
- Registration, declaration of Personal Income Tax, Corporate Tax, VAT and Foreign Contractor Tax.
- Tax refunds assistance and representation.
- Consultancy on utilizing opportunities provided by transfer pricing.
- Customs Advisory: Compliance & Reporting; FTA and C/O; Harmonised System code classification and valuation; Inventory control; International trade arrangement; and Others.
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