How do transit procedures via the ASEAN transit system work?
Import – export goods are at Danang port. Photo: N.Linh |
The draft would adjust the contents about information index of instructing transit goods declaration on ASEAN transit system; stipulating letter of guarantee and sample documents applying the piority mode for enterprises.
Specifically, the draft clearly states when implementing customs procedures for transit goods, declearants have to lodge a letter of guarantee of credit institutions to customs authorities to update the ASEAN Customs Transit System (ACTS system).
The letter issued by credit institutions must meet requirements and criteria including the name of credit institutions, address, phone, tax code, code of credit institutions granting by State Banks; name of taxpayers or individuals, organisations representative for taxpayers, addree, phone, enterprises’ code; and the amount of money to be guaranteed.
For private guarantee, the money to be guaranteed would be equivalent to the amount of tax payment for one customs declaration. The ACTS system helps customs declarants calculate the amount of money privately guaranteed for each customs declaration on the basis of HS code and the highest tariff rate of country participating in the route of the transit goods.
For common guarante, the money to be guaranteed would be equivalent to the amount of tax payment for a certain period of time. The ACTS system has afunction of helping customs declarants calculate the amount of money that was guaranteed commonly on the basis of comparing transit activities araising in a certain of time.
The duration of validity of guarantee would be calculated from the effective date of the letter of guarantee until the end of the transit route or when the amount of tax, late payment, fine (if any) arises in the process of transit is fully paid to the State budget.
The credit institution that accepted the guarantee should be responsible for the duration of validity of the guarantee. The customs authoritiy checking the contents of the letter of guarantee should ensure full compliance with criteria, requirement of the regulation and update the guarantee information through the ACTS system. In cases of valid guarantee information, the system would automatically grant the guarantee reference number (GRN) for customs declarantin to declare on the transit customs declaration.
After the system grants a guarantee reference number (GRN), if the guarantee information changes, the customs declarants should inform the customs authority for updating and amending the information on the system. For a private guarantee, the update and modifying guarantee information could only be done before the customs authority approves the transit declaration. For common guarantees, the update and amendment of guarantee information would not affect tax obligations and fees (if any) of previous declarations using guarantee.
After 10 days from the date the customs authority has a notice of customs duty, but the taxpayer or credit institution fails to fulfill tax obligations, the taxpayers must pay full amount of tax together with the amount of late payment.
The calculation of the delayed payment amount is 0.03 percent per day.
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