New regulations on import-export tax
Guiding tax exemption under the new provisions of the Law on export - import duties | |
Tax cuts aid foreign livestock investment | |
Tax refunds to be accelerated |
The vehicles with less than 9 seats will be applied absolute tax rate under new regulations. Photo: Thu Trang. |
There are 4 appendices issued together with Decree 122/2016 / ND-CP including:
First, the export tax of the list of taxable items.
Second, the import tax of the list of taxable items.
Third, the list of goods together with the absolute tax rate and the mixed tax for used vehicles with less than 15 seats; and
Fourth, the list of goods together with import tax instead of quota for goods subject to quota.
According to the new regulations, fertilizer products under heading 31.01, 31.02, 31.03, 31.04, and 31.05 attract export tax rate as follow: If the value of natural resources and minerals plus energy costs account for 51 % of the goods, they will be applied at a tax rate of 5%.
For fertilizer products not under the headings above, the tax rate will be applied on the basis of the export tariff specified in Appendix I attached to this Decree.
Besides, charcoal products with the code 4402.90.90 which attracts an export tax rate of 5% must meet 4 criteria (ash ≤ 3%, (C) carbon with no smell and no smoke when fueled ≥ 70%; heat ≥ 7000Kcal/kg, sulfur ≤ 0.2%).
The decree also stipulates that jewelry products and parts thereof, gold or jewelry (heading 71.13), furniture and parts of golden furniture (heading 71.14) and other products of gold (heading 71.15) will attract an export tax rate of 0% if they meet all the conditions.
In addition to Customs documents for exported goods as a general rule, enterprises must have a test result of determining the gold content below 95% by a licensed organization which has the right to determine the amount of gold jewelry (the test result will be used for comparison and one photocopy will be submitted to Customs authorities).
In the case of jewelry products and parts thereof, gold or jewelry (heading 71.13), furniture and parts of golden furniture (heading 71.14) and other products of gold (heading 71.15) exported in the form of processing method or produced from imported raw materials these can easily implement Customs procedures without presenting any test results determining the gold content.
For export production, when enterprises implement Customs procedures, they must present the license of raw gold import prescribed by the State Bank.
In addition, the new Decree also stipulates a number of petrochemical commodities which now enjoy preferential import tax rates of 1% according to the schedule from September 1, 2016 to December 31, 2016 and from January 1, 2017 a tax rate of 3%, which is provided in Section I of Annex II attached to the Decree.
Besides, the new Decree stipulates preferential import tax rates for some commodities according to WTO commitments from 2017.
Decree 122/2016 / ND-CP took effect from September 1, 2016, specifically removing 2 decisions of the Prime Minister and 9 circulars of the Ministry of Finance issued before September 1, 2016.
Ha Noi Department of Tax commended 422 enterprises and individuals as good tax payers. VCN- On August 25, Ha Noi Department of Tax held a meeting to commend 422 enterprises and ... |
Moreover, the Prime Minister also issued Decision 36/2016 / QD-TTg regulating the normal tax rate for imported goods. This Decision stipulated regulations on tax rate of common imports under the provisions of Clause 3, Article 5 of Law on import tax and export tax.
Related News
Quang Ninh Customs promotes development of Customs broker
10:12 | 14/05/2024 Customs
Ha Nam Ninh Customs Department promotes dialogue and removes difficulties for enterprises
12:10 | 14/05/2024 Customs
Customs deploys 132 full-online public services
13:30 | 13/05/2024 Customs
"Creativity in revenue collection to achieve set goals in difficult contexts"
14:55 | 10/05/2024 Finance
Latest News
Businesses and people expect VAT cut extension to be approved
17:06 | 13/05/2024 Regulations
Proposal to continue reducing VAT by 2% to support people and businesses
08:16 | 12/05/2024 Regulations
Research and correct customs supervision processes at international airports
10:05 | 11/05/2024 Regulations
Small, low-value items imported on e-commerce platforms should be taxed
14:43 | 09/05/2024 Regulations
More News
Customs finds difficulties because there is no e-cigarette management policy
09:56 | 09/05/2024 Regulations
Are goods imported on-spot for export production eligible for tax refund?
09:32 | 08/05/2024 Regulations
Risk prevention solutions for export processing and production enterprises
09:12 | 07/05/2024 Regulations
Conditions for price reduction of imported goods
15:38 | 06/05/2024 Regulations
Circular 83/2014/TT-BTC will be abolished from June 8
14:29 | 06/05/2024 Regulations
Proposal to continue reducing VAT by 2% in the last 6 months of 2024
10:35 | 05/05/2024 Regulations
Seafood exporters are worried about some inadequacies from the two new decrees
06:47 | 30/04/2024 Regulations
Risk prevention solutions for processing and export manufacturing businesses
07:52 | 29/04/2024 Regulations
Reporting to the National Assembly for considering VAT reduction in the second half of 2024
17:09 | 14/04/2024 Regulations
Your care
Businesses and people expect VAT cut extension to be approved
17:06 | 13/05/2024 Regulations
Proposal to continue reducing VAT by 2% to support people and businesses
08:16 | 12/05/2024 Regulations
Research and correct customs supervision processes at international airports
10:05 | 11/05/2024 Regulations
Small, low-value items imported on e-commerce platforms should be taxed
14:43 | 09/05/2024 Regulations
Customs finds difficulties because there is no e-cigarette management policy
09:56 | 09/05/2024 Regulations