Is contribution to stabilization of the market a rule for imposition of tariff schedules and duty rates in Vietnam?

Is contribution to stabilization of the market a rule for imposition of tariff schedules and duty rates in Vietnam?

Pursuant to Clause 3, Article 10 of the Law on Import and Export Duties 2016, specific regulations are provided regarding the principles for promulgating customs tariffs and duty rates as follows:

Principles for Promulgating Customs Tariffs and Duty Rates

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2. Align with the State's socio-economic development orientations and commitments regarding import and export duties under international treaties that the Socialist Republic of Vietnam is a member of.

3. Contribute to the stabilization of the market and sources of state budget revenue.

4. Be simple, transparent, and facilitate taxpayers and the reform of tax administrative procedures.

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Thus, through the above provisions, contribution to stabilization of the market is a rule for imposition of tariff schedules and duty rates.

Is contribution to stabilization of the market a rule for imposition of tariff schedules and duty rates in Vietnam? (Image from the Internet)

Which entities have the authority to promulgate import and export tariff schedules and duty rates in Vietnam?

Pursuant to Article 11 of the Law on Import and Export Duties 2016, specific regulations are provided regarding the authority to promulgate customs tariffs and duty rates as follows:

[1] The Government of Vietnam, based on the provisions of Article 10 of the Law on Import and Export Duties 2016, the export tariff schedule according to the list of taxable goods and export tax rate brackets for each taxable goods group annexed to the Law on Import and Export Duties 2016, the preferential tariff schedules committed in the Protocol of Accession to the World Trade Organization (WTO), approved by the National Assembly, and other international treaties that the Socialist Republic of Vietnam is a member of, will promulgate:

- The export tariff schedule; The preferential export tariff schedule;

- The preferential import tariff schedule; The special preferential import tariff schedule;

- The list of goods and the absolute duty rates, mixed duty rates, and out-of-quota import duty rates.

[2] In necessary cases, the Government of Vietnam shall submit to the Standing Committee of the National Assembly amendments and supplements to the export tariff schedule according to the list of taxable goods and export tax rate brackets for each taxable goods group annexed to this Law.

[3] The authority to apply anti-dumping duties, countervailing duties, and safeguard duties is executed as regulated.

When is the deadline for paying export and import duties in Vietnam?

Pursuant to Article 9 of the Law on Import and Export Duties 2016, specific regulations are provided regarding the tax payment deadline as follows:

[1] Goods exported or imported that are subject to taxation must pay tax before customs clearance or release according to the provisions of the Law on Customs, except for the case specified in Clause 2, Article 9 of the Law on Import and Export Duties 2016.

- If a credit institution guarantees the payable tax amount, customs clearance or goods release is allowed, but late payment interest must be paid according to tax management law from the date of customs clearance or goods release to the tax payment date. The maximum guarantee period is 30 days from the date of customs declaration registration.

- If the taxpayer is already guaranteed by a credit institution but fails to pay duties and late payment interest after the guarantee period, the guarantor is responsible for fully paying duties and late payment interest on behalf of the taxpayer.

[2] Taxpayers entitled to priority policies under customs law may pay duties for cleared customs declarations or release goods within the month no later than the tenth day of the following month. If this deadline is not met, the taxpayer must fully pay the tax debt and late payment interest as per the tax management law.

How is the timing for calculating export and import duties determined?

Pursuant to Clause 2, Article 8 of the Law on Import and Export Duties 2016, specific regulations are provided regarding the tax value and calculation timing as follows:

Tax Value, Calculation Timing

1. The tax value for export and import is the customs value as regulated by the Law on Customs.

2. The timing for calculating export and import tax is when the customs declaration is registered.

For goods exported or imported not subject to tax, exempted from export or import tax, or subject to absolute tax rates within quota that have undergone changes regarding tax exemption status, absolute tax rates within quota according to legal regulations, the calculation timing is when the new customs declaration is registered.

The timing of customs declaration registration follows customs law regulations.

Thus, through the above provisions, the timing for calculating export and import duties is when the customs declaration is registered.