Applying a 0% Preferential Import Tax Rate for Many Automobile Assembly Components

Le Hai

09:12, 10/07/2024

On May 25, 2020, the Government of Vietnam promulgated Decree 57/2020/ND-CP amending and supplementing several provisions of Decree 122/2016/ND-CP on the Export Tariff Schedule, Preferential Import Tariff Schedule, List of Goods and Absolute Tax Rates, Compound Tax Rates, and Out-of-quota Import Duty Rates, and Decree 125/2017/ND-CP amending and supplementing several provisions of Decree 122/2016/ND-CP.

Regulations on a 0% preferential import tax rate for raw materials, supplies, and components not yet produced domestically for the manufacturing and processing (assembly) of prioritized support products for the automobile manufacturing and assembly industry.

At the time of declaration registration, customs declarants shall declare and calculate taxes on imported raw materials, supplies, and components at the ordinary import tax rate, the preferential import tax rate, or the special preferential import tax rate as prescribed, and the 0% tax rate shall not yet be applied.

The application of the aforementioned 0% preferential import tax rate is implemented according to the provisions of Clauses 2, 3, 4, 5, 6, 7, 8 Article 7b of Decree 122, newly supplemented at Clause 2 Article 1 of Decree 57.

More details can be found in: Decree 57/2020/ND-CP, effective from July 10, 2020.

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