The National Assembly has approved Law on export and import duties as part of its program to enhance Vietnam’s integration into the global market. The new law will come into effect on 1 September 2016. Below are some notable points in the new law:
1.New regulations on customs duty and duty exemptions
– New regulations are set out on the application of special preferential import duty rates to goods exported from non-tariff zones to the domestic market where such goods meet origin requirements.
– Raw materials, supplies, and accessories imported for export production which are currently subject to duty deferral will instead be exempt from import duty.
– Goods under commercial temporary import for re-export which are currently subject to duty payment and refund will be exempt from import duty etc., instead provided that a guarantee from financial institution or a deposit equivalent to the import duty on such goods is in place.
– The import duty exemption applied to equipment imported as fixed assets for incentivized investment projects in hotels, office buildings, apartments for lease, accommodation, commercial centers etc., is withdrawn as the industries are no longer incentivized in the Law on Investment no. 67/2014/QH13.
2. New regulations on anti-dumping duty; anti-subsidy duty; safeguard duty
– The Ministry of Industry and Trade will decide on the application of such duties. The application must be based on inspection conclusions and the prevailing regulations.
– Anti-dumping duty and anti-subsidy duty will apply for 5 years from the duty application decision date, and can be extended. For safeguard duty, the application period is 4 years including the temporary application period and an extension of 6 years can be applied.
Please click PwC Vietnam NewsBrief_Update on New Law on Imex Duty_EN for more information and PwC Vietnam NewsBrief_Update on New Law on Imex Duty_VN for Vietnamese version.
OTHER NEWS ON THE AUSCHAM WEBSITE
In the toolbar of this website, click on “NEWS” for the drop down menu which includes: