In which account shall goods in bonded warehouse in Vietnam be recorded?
In which account shall goods in bonded warehouse in Vietnam be recorded?
Based on the guidance in Article 31 of Circular 200/2014/TT-BTC as follows:
Account 158 - Goods in bonded warehouse
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3. Accounting Methods for Some Major Economic Transactions
a) When importing raw materials for the production of exported goods, or processing exported goods if brought into the Bonded Warehouse, the enterprise is not required to pay import duties and VAT on imported goods. Record:
Debit Account 158 - goods in bonded warehouse
Credit Account 331 - Payables to Suppliers.
b) When exporting raw materials imported from the Bonded Warehouse to produce goods or process exported goods, record:
Debit Account 621 - Direct Raw Material Costs
Credit Account 158 - goods in bonded warehouse.
c) When exporting finished products or exported goods, processed goods into the Bonded Warehouse (if any), record:
Debit Account 158 - goods in bonded warehouse
Credit Accounts 156, 155,...
d) Upon exporting goods in bonded warehouse (if any):
- Reflect the cost of exported goods related to the Bonded Warehouse, record:
Debit Account 632 - Cost of Goods Sold
Credit Account 158 - goods in bonded warehouse.
- Reflect the revenue of exported goods related to the Bonded Warehouse, record:
Debit Accounts 111, 112, 131,...
Credit Account 511 - Sales Revenue.
e) If the export ratio is lower than the bonded ratio, the enterprise must pay import duties and VAT on imported goods (if any) for the difference between the required export quantity and the actual export quantity:
- When determining import duties payable (if any), record:
Debit Account 632 - Cost of Goods Sold
Credit Account 333 - Taxes and Payables to the State (3333).
- When determining VAT on imported goods payable (if any), record:
Debit Account 133 - Deductible VAT (1331)
Credit Account 333 - Taxes and Payables to the State (33312).
- When actually paying import duties and VAT on imported goods (if any), record:
Debit Account 333 - Taxes and Payables to the State (3333, 33312)
Credit Accounts 111, 112,....
f) If an enterprise is allowed to sell goods in bonded warehouse in the domestic market, they must pay import duties and other taxes as required.
- When authorized to use goods in bonded warehouse, the enterprise must complete the procedures to export goods from the Bonded Warehouse and re-import them into the enterprise’s product or goods warehouse, paying the tax on these goods, record:
Debit Accounts 155, 156
Credit Account 158 - goods in bonded warehouse.
- When determining import duties payable (if any), record:
Debit Accounts 155, 156
Credit Account 333 - Taxes and Payables to the State (3333).
- When determining VAT on imported goods payable (if any), record:
Debit Accounts 155, 156 (if not deductible)
Debit Account 133 - Deductible VAT (1331)
Credit Account 333 - Taxes and Payables to the State (33312).
- When actually paying import duties and VAT on imported goods, record:
Debit Account 333 - Taxes and Payables to the State (33312, 3333)
Credit Accounts 111, 112,....
g) In the case of selling goods in bonded warehouse in the domestic market:
- Reflect the cost value of goods in bonded warehouse sold, record:
Debit Account 632 - Cost of Goods Sold
Credit Account 158 - goods in bonded warehouse.
Concurrently, accountants must determine and record the import duties and VAT on imported items, materials, and goods.
- Reflect the revenue of goods in bonded warehouse sold in the domestic market, record:
Debit Accounts 111, 112, 131,...
Credit Account 511 - Sales Revenue
Credit Account 333 - Taxes and Payables to the State (33311).
h) If materials or goods brought into the Bonded Warehouse are damaged, or do not meet export requirements, they must be re-imported or destroyed:
- In the case of re-importing, record:
Debit Accounts 155, 156,....
Credit Account 158 - goods in bonded warehouse.
- Additionally, import duties and VAT on the import required for these materials and goods shall be paid. Determine the payable tax like in the entry (e); When taxes are actually paid, record:
Debit Account 333 - Taxes and Payables to the State (33312, 3333)
Credit Accounts 111, 112,....
- In the case of re-export (return to the supplier), record:
Debit Account 331 - Payables to Suppliers
Credit Account 158 - goods in bonded warehouse.
- In the case of destroying goods, materials, and raw materials stored in the Bonded Warehouse, record:
Debit Account 632 - Cost of Goods Sold (goods, raw materials destroyed)
Credit Account 158 - goods in bonded warehouse.
Thus, according to the provisions mentioned above, goods in bonded warehouse will be recorded in account 158.
In which account shall goods in bonded warehouse in Vietnam be recorded? (Image from the Internet)
Is the bonded warehouse used to store export materials in Vietnam?
According to Clause 9 Article 4 of the Customs Law 2014:
Definitions
In this Law, the terms below are construed as follows:
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9. Bonded Warehouse is a warehouse used to store imported raw materials and supplies that have been cleared but for which no tax has been paid to produce export goods of the bonded warehouse owner.
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It can be understood that the bonded warehouse is used to store materials that have been cleared, but the bonded warehouse owner has not paid taxes for the production of goods.
Thus, according to regulation, the bonded warehouse is used to store imported materials, not export materials.
Who has the authority to establish a bonded warehouse in Vietnam?
Pursuant to Clause 2 Article 62 of the Customs Law 2014, the regulations are as follows:
Conditions for Establishing Bonded Warehouses, Bonded Warehouses, and Consolidation Points of Loose Cargo
1. Bonded warehouses, consolidation points of loose cargo shall be established in areas with the following functions:
a) Seaports, international civil airports, inland export and import goods ports, land border gates, international rail transshipment stations;
b) Industrial zones, high-tech zones, free trade zones, and other areas as prescribed by law.
2. Bonded warehouses shall be established in the areas of export goods manufacturing enterprises.
3. The Director General of the General Department of Customs decides to establish, extend the operation period, suspend, and terminate the operation of bonded warehouses, bonded warehouses, and consolidation points of loose cargo.
4. The Government of Vietnam provides detailed regulations on the establishment and operation of bonded warehouses, bonded warehouses, and consolidation points of loose cargo.
Thus, the Director General of the General Department of Customs is the person who decides to establish a bonded warehouse.
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