Vietnam’s preferential import tariff schedule according to the list of taxable products updated from December 16, 2024?
Vietnam’s preferential import tariff schedule according to the list of taxable products updated from December 16, 2024?
The Vietnam’s preferential import tariff schedule according to the list of taxable products, issued with Decree 144/2024/ND-CP, effective from December 16, 2024, will amend the preferential import taxes for certain categories of goods.
Download the Vietnam’s preferential import tariff schedule according to the list of taxable products Effective from December 16, 2024.
Vietnam’s preferential import tariff schedule according to the list of taxable products updated from December 16, 2024? (Image from the Internet)
Which imports are eligible fo preferential tax rates in Vietnam?
Pursuant to point a, clause 3, Article 5 of the Law on Export and Import Taxes 2016, preferential tax rates apply to imports as follows:
- imports originating from countries, groups of countries, or territories that extend Most-Favored-Nation treatment in trade relations with Vietnam.
- Goods imported from non-tariff zones into the domestic market that meet the origin criteria from countries, groups of countries, or territories that extend Most-Favored-Nation treatment in trade relations with Vietnam.
Vietnam: How to determine the standard tax rate when the preferential tax rate for imports is 0%?
Based on point c, clause 3, Article 5 of the Law on Export and Import Taxes 2016, the standard tax rate for imports is specified as follows:
Tax Calculation for Export and Import Goods Applies the Percentage-based Tax Method
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- Tax rates for imports comprise preferential, special preferential, and standard rates, applied as follows:
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c) The standard rate applies to imports not covered under points a and b of this clause. The standard rate is 150% of the preferential rate of the corresponding item. If the preferential rate is 0%, the Prime Minister of the Government of Vietnam, based on Article 10 of this Law, will decide on the application of the standard rate.
Simultaneously, in accordance with the provisions of Article 10 of the Law on Export and Import Taxes 2016, which prescribes principles for issuing tariffs and tax rates.
Thus, when the preferential tax rate for imports is 0%, the Prime Minister of the Government of Vietnam will decide on the application of the standard rate based on principles that include:
- Encouraging the import of raw materials prioritizing those not sufficiently available domestically; focusing on developing high-tech sectors, core technologies, energy savings, and environmental protection.
- Aligning with the socio-economic development strategy of the State and international agreements on export and import taxes to which the Socialist Republic of Vietnam is a party.
- Contributing to market stability and state budget revenue.
- Ensuring simplicity, transparency, and facilitating taxpayers while implementing administrative tax reform.
- Uniform application of tax rates for goods with similar nature, structure, utility, and technical features; import tax rates decreasing from finished products to raw materials; export tax rates increasing from finished products to raw materials.
What is the deadline for import tax payment in Vietnam?
Pursuant to Article 9 of the Law on Export and Import Taxes 2016 concerning import tax payment deadlines:
- Goods subject to import taxes must have taxes paid before customs clearance or release in accordance with the Law on Customs, except for cases stipulated in clause 2 of Article 9 of the Law on Export and Import Taxes 2016.
In cases where financial institutions guarantee the payable taxes, goods may be cleared or released, but late payment interest must be paid according to the Law on Tax Administration from the date of clearance or release until the date of tax payment. The maximum guarantee term is 30 days from the date of customs declaration registration.
In cases where financial institutions have guaranteed but the guarantee term expires and the taxpayer has not paid the tax and late payment interest, the guarantor must pay the full tax and late payment interest on behalf of the taxpayer.
- Taxpayers who benefit from priority policies according to the Law on Customs may pay taxes for customs declarations that have been cleared or released within the month no later than the tenth day of the following month. If taxes are not paid by this deadline, the full tax debt and late payment interest must be paid according to the Law on Tax Administration.
