Transferred cars: Customs valuation according to their remaining usable value.

Customs valuation according to the useful life in Vietnam (from the time of importation in the declaration to value determination time). Photo: T.Trang

As stipulated in Article 3 Circular No. 39 /2015/TT-BTC, Customs declarants shall declare and carry out Customs valuation themselves according to the rule and methods for Customs valuation prescribed in the Law on Customs No. 54/2014/QH13 dated June 23, 2014, Decree No. 08/2015/NĐ-CP dated January 21, 2015 by the Government and this Circular; and take legal responsibility for the accuracy and honesty of the declaration and the result of Customs valuation.

In the case where imported goods are determined as non-taxable, goods eligible for tax exemption or consideration for tax exemption are used in Vietnam and received change in use, Clause 2 Article 17 of Circular No. 39/2015/TT-BTC regulates that in case the imported goods are automobiles or motorbikes: their Customs value shall be determined on the basis of their remaining usable value according to their useful life in Vietnam (from the time of importation according to the Customs declaration sheet to the time of determination of tax.)

If the price declared at the time of importation of goods is non-taxable or eligible for tax exemption or consideration of exemption is lower than the price in the price database at the time, the price in the price database and the rates above shall be used for Customs valuation (specified in point at clause 2, Article 17 of Circular No. 39/TT-BTC)

However, the General Customs Department also said that the Chinese Embassy should contact directly with Hanoi Customs Department to determine the Customs valuation of transferred cars.