Companies which engage in export production, toll manufacturing activities, and Export Processing Enterprises are required to submit annual customs finalization reports on their usage status of import duty exempt materials, exported products and actual consumption norms during the year.
The deadline to submit the CFR is 90 days from a company's fiscal year-end.
Generally, CFRs include:
● Report on movements of imported raw materials & consumables on Form 25 specified in the electronic customs system or Form 15/BCQT-NVL/GSQL attached to Circular 39/2018/TT-BTC ;
● Report on movements of exported products on Form 26 or Form 15a/BCQT-SP/GSQL; and
● Actual consumption norms on Form 27 or Form 16/DMTT/GSQL. Based on our experience, preparation of the CFRs not only requires information from accounting departments, but also from import-export and manufacturing departments.
Thus, it is critical for companies to build up appropriate methodologies and resources for the CFR preparation to meet Customs requirements.