Vietnam: 04 exports and imports do not apply export and import duties under tax policies applicable to Phu Quoc island

Vietnam: 04 exports and imports do not apply export and import duties under tax policies applicable to Phu Quoc island (Illustrative image)

Under Circular 10/2007/TT-BTC on the policies on export duty and import duty applicable to Phu Quoc island, the following exports and imports do not apply export and import duties:

1. Machinery, equipment, components, and raw materials imported once into Phu Quoc island to manufacture equipment, machinery in the production line, and other fixed assets during the investment period of the project; machinery, equipment, components, and raw materials imported into Phu Quoc island to expand the scale of the project or to replace and renew technology; fuel, raw materials, and supplies that are not produced domestically and imported into Phu Quoc island to serve the construction and operation of BOT projects.

2. Goods exported from the free trade zone to foreign countries; goods imported from foreign countries into the free trade zone and used exclusively within the free trade zone.

3. Goods transferred or sold from one free trade zone to another (the free trade zones stipulated in Clause 1, Article 5 of the Law on Export and Import Duties 2005), export processing enterprises, or bonded warehouses, and vice versa.

4. Goods not applying export duty,  originating from the Vietnam market, and brought into the free trade zone.

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

Ty Na

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