We would like to bring you notable customs updates for March 2021 with the following highlights influencing the corporate operations activities:
This month newsletter will cover notable points as belows:
- Allowing several C/Os to be declared with 01 commercial invoice
- Exported scrap subjecting to export duty regardless of source
- Not accepting monitoring sheet in case of late submission after Customs clearance
- Duty-free imported machinery which has been fully depreciated still required to undergo the Customs declaration and pay tax upon liquidation
- Announcement on website to check electronic C/O issued by Myanmar authorities
- Guidance on tax treatment in case of exported products being re-imported but kept in Vietnam longer than the registered timeline (for re-export back abroad)
- Packaging pre-printed with foreign origin is prohibited from import
- Not accepting C/O with multi-nation origins
- Form D using old form issued by Filipino authority is accepted until 31/07/2021
- Guidance on Customs procedure and tax treatment in case local contractors import C/O construction materials for EPE customers
- C/O Form E with back site left blank is not accepted
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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