Customs effectively implements tax exemption, reduction and refund policies to support businesses

	Reviewing, stopping use of the List of tax exemptions
	Conditions for exempting tax on re-imported goods
	Financial support policies has come to people and businesses

On January 28, the Government issued Decree 15/2022/ND-CP stipulating the policy of VAT exemption and reduction in accordance with Resolution 43/2022/QH15 of the National Assembly on fiscal and monetary policies to support the program of socio-economic recovery and development.

Ninh Binh Customs Branch sends customs officers to enterprises’ headquarters to guide and understand their problems. Photo: H.Nu

To implement this policy, the General Department of Customs has guided the implementation to units throughout the sector and businesses. Specifically, through searching the database for goods declared in the code to apply the VAT rate of 8% (excluding type G11) from February 1 to the end of August 21, 2022, the total amount of VAT payable according to the declaration is VND46,739.23 billion. Accordingly, the amount of VAT that has been reduced from February 1 to August 21, 2022 according to the provisions of Decree 15/2022/ND-CP is VND11,684,825 billion.

In addition, the General Department of Customs has also implemented a policy on adjusting import and export tax to support and remove difficulties for production and business activities of businesses affected by Covid-19 according to Decree 57/2020/ND-CP dated 25 May 2020 of the Government.

Accordingly, the whole Customs sector has implemented tax refund under Article 7a of 2022, until August 23 with a total tax refund of VND6,309 billion and VND16.4 billion according to Article 7b.

In particular, according to the provisions of Decree 101/2021/ND-CP, there are 26 product codes that reduce MFN import tax rates compared to Decree 57/2020/ND-CP.

According to the General Department of Customs, the import tax amount of the items that are revised down the tax rate reduces by about VND1,137 billion (according to the exchange rate of VND23,000/US$1).

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In which, the amount of tax reduction is mainly from corn products under the HS code 1005.90.90, down VND1,052 billion (the tax rate is revised down from 5% to 2% due to the proposal of the United States; mainly imported from Argentina and Pakistan, Brazil, South Africa, India) and frozen pork under HS code 0203.22.00 and 0203.29.00, down by VND55 billion (tax rate reduces from 15% to 10% due to the proposal of the United States; mainly imported from Brazil, USA, Russia).