Vietnam: Valuation of exhibits as the basis for determination of fine brackets

15:35, 24/10/2016

This content is specified in Circular No. 155/2016/TT-BTC of the Ministry of Finance of Vietnam on guidelines for imposition of customs-related administrative penalties and enforcement of customs-related administrative decisions.

According to Circular No. 155/2016/TT-BTC of the Ministry of Finance of Vietnam, where the value of an exhibit is the basis for determination of the fine bracket, the handling officer shall carry out valuation and take responsibility therefor. Exhibit valuation is as follows:

- If the exhibit is not confiscated, its value is its customs value, which is determined in accordance with regulations on customs valuation applicable at the time of issuance of the offense record; it the exhibit is foreign currency, the exchange rate shall be determined in accordance with Clause 3 Article 21 of Decree No. 08/2015/ND-CP of Vietnam’s Government.

- If the exhibit is confiscated, its valuation shall depend on its category as specified in Clause 2 Article 60 of the Law on Handling administrative violations of Vietnam.

- If the basis specified in Clause 2 Article 60 of the Law on Handling administrative violations of Vietnam cannot be applied, the handling officer shall, pursuant to Clause 3 Article 60 of the Law on Handling administrative violations of Vietnam, issue a decision on impoundment of the exhibit, if necessary, and establish a valuation council to determine its value, which is the basis for determination of the fine bracket.

View more details at Circular No. 155/2016/TT-BTC of the Ministry of Finance of Vietnam, effective from December 01, 2016.

- Thanh Lam -

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