Vietnam Customs Update - Issue May 2021
Cập Nhật Hải Quan Việt Nam - Vấn Đề Tháng 5 Năm 2021
Mazars Vietnam
15th June 2021
This Customs update covers new developments and issues including customs duty and procedures, HS code and origin of goods, registration and use of duty-free list, and contract manufacturing / toll manufacturing for export models, and business activities of export-processing enterprises.
We would like to bring you notable customs updates for May 2021 with the following highlights influencing the corporate operations activities:
I. Customs duty and procedure
- New tariff under UKVFTA for the period 2021 – 2022
- Allowing anti-dumping tax refund in case exclusion is granted after the tax has already been paid
- Import duty refund is not allowed if the temporarily-imported goods are not recorded in accounting books
- Releasing goods of violating importers for preservation during the waiting time of specialized management check result
- Mandatory radioactive testing for imports being iron and steel scrap
- Some guidelines on imported building materials
II. HS code and Goods origin
- Denial of HS code advance ruling if any difference between the granted ruling and the actual goods
- Guidance on “Minimal operations and processes” in determining the origin of goods
III. Registration and use of duty-free list
- Some guidance on the registration and application of the duty-free list (“Master list”)
- No duty exemption for goods imported as replacement of duty-free goods imported to form fixed asset of incentivized projects
IV. Contract manufacturing / toll manufacturing for export models, and business activities of export-processing enterprises (EPE)
- New guidance on the trading activity of EPE
- No limitation in forwarding the product of a toll manufacturing contract
- Clarification on tax treatment in case of disposing scraps from export-manufacturing business
Our support
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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Mazars Vietnam
- Vietnam
- www.mazars.vn
Mazars is an internationally integrated partnership, specialising in audit, accountancy, advisory, tax and legal services*. Operating in over 90 countries and territories around the world, we draw on the expertise of 40,400 professionals – 24,400 in Mazars’ integrated partnership and 16,000 via the Mazars North America Alliance – to assist clients of all sizes at every stage in their development.
Mazars in Vietnam was established in 1994, providing a broad array of professional services in audit and accounting, tax, financial advisory, as well as consulting and legal services. We have since grown to become one of the premier mid-tier firms in the country with two offices in Hanoi and Ho Chi Minh City. We are committed to helping our clients confidently build and grow their businesses and always seeking to understand our clients and their environments, adjust our recommendations and support accordingly.
Present in over 90 countries and territories, we work together as one team across borders and functions to deliver exceptional and tailored services. We combine our skills and expertise with both a global perspective and local knowledge. We empower our people to help clients make the most of opportunities, operate with conviction, and give confidence to their stakeholders.
With more than 200 professionals in Vietnam, we serve clients of all sizes not only in Vietnam but also across Asia-Pacific. Our multi-disciplinary team of professionals comprises Chartered Accountants, Certified Public Auditors, Tax Lawyers, Masters in Accounting and Finance, Masters in Business and Administration and Cost Accountants, who are all well equipped with the requisite business and technical skills, experience and knowledge base to deliver customised solutions to our clients of all sizes, across all sectors, while remaining agile, personal and distinct in our approach.
Mazars in Vietnam is ranked number one for the Accounting Outsourcing Services and among the top Auditing firms in Vietnam.
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