On February 05, 2007, 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.
Circular 10: Excise tax policies applicable to Phu Quoc Island (Illustration Image)
Circular 10/2007/TT-BTC specifically regulates the excise tax policies for goods and services applicable to Phu Quoc Island and the Nam An Thoi island cluster under Kien Giang province as follows:
- Goods and services applying excise tax, produced and consumed within the free trade zone or imported from abroad into the free trade zone and vice versa do not apply excise tax, except for motor vehicles under 24 seats subject to excise tax according to current general regulations.
- Goods and services applying excise tax and exported from the Vietnam market into the free trade zone do not apply excise tax, except for motor vehicles under 24 seats, which are subject to excise tax according to current general regulations.
- Goods and services applying excise tax and transported from the free trade zone to or sold to export processing zones and vice versa do not apply excise tax.
- Goods applying excise tax and imported from the free trade zone into the Vietnam market do not apply excise tax for imported goods according to current regulations.
More details may be found in Circular 10/2007/TT-BTC effective from March 7, 2007.
Ty Na
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