Regulations on the Request for Granting Preferential Tariff Exemptions for Imported Goods

This is a notable content in Circular 40/2015/TT-BCT implementing the Rules of Origin under the Vietnam - Korea Free Trade Agreement, which takes effect on December 20, 2015.

Regulations on Proposals for Preferential Tax Exemptions for Imported Goods, Circular 40/2015/TT-BCT

Regulations on Proposals for Preferential Tax Exemptions for Imported Goods (Illustrative image)

Article 3 of Appendix IV, the procedure for the issuance and verification of origin, issued with Circular 40/2015/TT-BCT, provides regulations on proposals for preferential tariff treatment for imported goods. Specifically, as follows:

- Importers may propose preferential tariff treatment if they have a Certificate of Origin (C/O).- Importers proposing preferential treatment for goods imported into the territory of a member country may be required to:- Declare in the import documentation that the imported goods are originating goods;- Have a C/O in accordance with Article 1 of this Appendix at the time of declaration in the import documentation that the imported goods are originating goods; and- Provide, at the request of the customs authority of the importing member country, the C/O, supporting documents such as invoices, through bills of lading issued in the territory of the exporting member country, and other documents as required by the domestic laws and regulations of the importing member country.

- The C/O is valid for one year from the date of issuance.- In cases where goods have originating status when imported into the territory of a member country but the importer does not receive preferential tariff treatment at the time of importation, the importer may propose for preferential tariff treatment and request a refund of any excess duties paid within one year from the date of importation, if they present to the importing member country:- The C/O; and- Any other supporting documents as required by the importing member country.

Additionally, Appendix IV issued with this Circular stipulates that a C/O is not required if the import value of the goods does not exceed 600 (six hundred) US dollars FOB, or a higher threshold specified by the importing member country, provided that the imported goods are not part of a series of shipments arranged to avoid compliance with the domestic laws and regulations on management of proposals for preferential tariff treatment according to the VKFTA Agreement of that member country.

Details can be found in Circular 40/2015/TT-BCT effective from December 20, 2015.

Ty Na

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

0 lượt xem



  • Address: 19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City
    Phone: (028) 7302 2286
    E-mail: info@lawnet.vn
Parent company: THU VIEN PHAP LUAT Ltd.
Editorial Director: Mr. Bui Tuong Vu - Tel. 028 3935 2079
P.702A , Centre Point, 106 Nguyen Van Troi, Ward 8, Phu Nhuan District, HCM City;