Trade and Customs Alert on Customs Finalization Reports
January 2021 | KPMG Vietnam
Effective from 05 June 2018, Circular 39/2018/TT-BTC (“Circular 39”) provides amendments to Circular 38/2015/TT-BTC dated 25 March 2015 (“Circular 38”) on customs procedures, customs supervision and inspection export duty, import duty, and tax administration applied to exports and imports. The regulations require export manufacturing and processing enterprises to submit the customs finalization reports annually. Decree 128/2020/ND-CP (“Decree 128”) which took effect from 10 December 2020 also provides for new administrative penalties for customs violations related to annual customs finalization reports and the inventory management of raw materials/supplies imported to serve the purpose of manufacturing for export.
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