Legal Counselling

Vietnam: Rules for imposition of tariff schedules and duty rates

16:40, 13/01/2017

The Law on Export and import duties 2016 of Vietnam was issued on April 06, 2016, of which one of the basic contents is the regulation on rules for imposition of tariff schedules and duty rates.

Specifically, according to Article 10 of the Law on Export and import duties 2016 of Vietnam, imposition of tariff schedules and duty rates shall comply with the following rules:

One, encouragement of import of raw materials that cannot be manufactured domestically; focus on development of high technology, source technology, energy-saving, and environmental protection.

Two, suitability for the orientation of socio-economic development and commitments on export and import duties in international treaty to which Socialist Republic of Vietnam is a signatory.

Three, contribution to stabilization of the market and state budget revenues.

Four, simplicity and transparency, facilitation of tax payment and of tax formalities.

Five, uniform imposition of duty rates upon goods of the same nature, composition, uses, or technical features; import duties are regressive from finished products to raw materials; export duties are progressive from finished products to raw materials.

View relevant contents at the Law on Export and import duties 2016 of Vietnam, effective from September 01, 2016.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

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