Excess scrap is exempted from import duties in domestic consumption
3 over US$ 10 billion export commodity groups | |
Facilitating Customs clearance of goods in Cat Linh-Ha Dong railway project | |
Lack of domestic business strategies |
Customs operations at the Thai Nguyen Customs Branch. Photo: T. Trang. |
As for current regulations on tax policy for imported raw materials, supplies and components for processing export products, the General Department of Vietnam Customs said that under Clause 6, Article 16 of the Law on Export-Import Duties 107/2016 / QH13: "Imported raw materials, supplies, components for processing export products, finished products imported for attachment to processed products and products processed for export" are exempt from import duties.
Clause 4, Article 10 of Government’s Decree No. 134/2016 / ND-CP of 1st September 2016 stipulated: "Excess scraps, faulty materials, and materials for processing are not more than 3% of the weight of each raw material under the processing contract, they shall be exempt from import duties in domestic market, but they must be declared and paid value added tax and consumption tax, especially the environmental protection tax (if any) to the Customs".
Seizing more than 50 tons of imported scrap metal imported from China VCN - More than 50 tons of smuggled scrap metal which were being transported to the interior ... |
Accordingly, the company should base on the regulations as mentioned above to apply appropriate tax policy. In the case of any problems, the company is requested to contact the Customs Department where it conducted the import and export procedures for specific guidance.
Related News
Vietnam ready to export first batch of sweet potatoes to China
13:57 | 06/04/2023 Anti-Smuggling
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Facilitates import and export enterprises amid difficult context
09:46 | 06/04/2023 Customs
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Latest News
Enterprises have the right to pre-determine HS codes
09:55 | 06/04/2023 Regulations
Amendment to Decree 14 to prevent goods congestion at border gates
11:39 | 01/04/2023 Regulations
Notes for businesses on tax policy
13:44 | 31/03/2023 Regulations
Revising Law on Corporate Income Tax: Promoting resources for socio-economic development
13:43 | 27/03/2023 Regulations
More News
Apply 609 preferential export tax lines, 11,526 special preferential import tax lines to implement the CPTPP Agreement
09:33 | 26/03/2023 Regulations
Difficulties in determining samples for testing
09:32 | 26/03/2023 Regulations
GDVC instructs application of C/O form D
10:16 | 25/03/2023 Regulations
Goods imported from export processing enterprises must pay tax
09:03 | 24/03/2023 Regulations
Review, perfect regulations on decentralization of public property management
11:55 | 22/03/2023 Regulations
MoF develops excise tax policy to promote electric vehicle production
17:21 | 13/03/2023 Regulations
Enterprises must submit dossiers and documents to identify authenticity of goods' value
10:09 | 13/03/2023 Regulations
Removing difficulties in the implementation of VAT policy
15:10 | 27/02/2023 Regulations
Correcting policy to avoid overlaps in inspection and supervision at land border gates
14:13 | 26/02/2023 Regulations
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Enterprises have the right to pre-determine HS codes
09:55 | 06/04/2023 Regulations
Amendment to Decree 14 to prevent goods congestion at border gates
11:39 | 01/04/2023 Regulations
Notes for businesses on tax policy
13:44 | 31/03/2023 Regulations
Revising Law on Corporate Income Tax: Promoting resources for socio-economic development
13:43 | 27/03/2023 Regulations
Apply 609 preferential export tax lines, 11,526 special preferential import tax lines to implement the CPTPP Agreement
09:33 | 26/03/2023 Regulations