07 general provisions on customs procedures for the Phu Quoc free trade zone

Recently, the Ministry of Finance of Vietnam issued Circular 10/2007/TT-BTC providing guidance on financial policies and customs procedures applicable to Phu Quoc Island and the Nam An Thoi island cluster under Kien Giang Province.

customs  procedures  for  Phu  Quoc  Free  Trade  Zone,  Circular  10/2007/TT-BTC

07 general provisions on customs procedures for the Phu Quoc free trade zone (Illustration)

Under Circular 10/2007/TT-BTC, 07 general provisions on customs procedures for free trade zones at Phu Quoc island and Nam An Thoi islands cluster under Kien Giang province are as follows:

- Entities operating in the free trade zone are permitted to export to foreign countries and import from foreign countries all goods and services that are not prohibited by Vietnamese law. The policies on the export and import of goods shall follow the regulations of the Prime Minister of Vietnam on the management of the export and import of goods in each period and guiding documents of relevant Ministries and agencies. The export and import of goods in the list of goods subject to conditional export or import and restricted goods shall comply with the guidance of the Ministry of Commerce.

- Every 6 months, enterprises in the free trade zone must submit to the customs authority a report on the reconciliation of materials, raw materials, exported and imported goods during the period, and a report on the inventory of products. The customs authority shall verify and collate these reports and send them to the tax authority for determining tax liability.

- Customs procedures for exported, imported, and transited goods and luggage; vehicles exiting, entering, and transiting the free trade zone shall follow the regulations for those types.

- Exported, imported, and transited goods; vehicles exiting, entering, and transiting through the free trade zone shall only go through Gate A and Gate B.

- Customs procedures for goods from foreign countries passing through Gate B, goods exported from the Vietnam market into the free trade zone, and vice versa, shall be carried out at Gate B; customs procedures for goods from foreign countries into the free trade zone and goods from the free trade zone to foreign countries through Gate A shall be carried out at Gate A.

- Customs procedures for goods exported from the Vietnam market to foreign countries through Gate A or goods from foreign countries through Gate A into the Vietnam market shall comply with the current regulations at Gate A or the Customs Sub-Department outside the border checkpoint.

Customs procedures carried out at the Customs Sub-Department outside the border checkpoint shall comply with regulations on goods in transit through border checkpoints.

- In addition to the above-mentioned customs procedures, related parties must fulfill other obligations stipulated in the Law on Customs, Law on Export and Import Duties, and other relevant documents on export and import.

Details can be found in Circular 10/2007/TT-BTC effective from March 07, 2007.

Ty Na

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