Guidance on determining revenues from import and export activities through Nghi Son Seaport in Vietnam

Guidance on determining revenues from import and export activities through Nghi Son Seaport in Vietnam

According to Article 2 of Decree 134/2024/ND-CP, the determination of revenue from export and import activities via Nghi Son Seaport in Vietnam is as follows:

- Scope of determining revenue from export and import activities via Nghi Son Seaport: Only determining the scope of budget revenue from export and import activities via Nghi Son Seaport by enterprises in Thanh Hoa province who register customs declarations at Thanh Hoa Provincial Customs Department.

- Scope of determining value-added tax (VAT) on imported goods to invest in forming fixed assets or to produce export goods refunded by the central budget: Only calculated for the refundable VAT of enterprises within Thanh Hoa province (not including deductions for VAT refund recovery).

Additionally, the implementation of policies to increase revenue from export and import activities via Nghi Son Seaport in Thanh Hoa province shall be the responsibility of organizations as stipulated in Article 3 of Decree 134/2024/ND-CP:

- The Ministry of Finance of Vietnam is responsible for leading, cooperating with the Ministry of Planning and Investment of Vietnam, relevant ministries and central authorities, and the People's Committee of Thanh Hoa province to examine the implementation of revenue-increasing policies from export and import activities via Nghi Son Seaport.

- The People's Committee of Thanh Hoa province is responsible for:

+ Directing local agencies to implement policies to increase revenue from export and import activities via Nghi Son Seaport as stipulated in Decree 134/2024/ND-CP and relevant legal documents.

+ Coordinating with the Ministry of Finance of Vietnam and relevant ministries, agencies of the Government of Vietnam to inspect and supervise the implementation of revenue-increasing policies from export and import activities via Nghi Son Seaport.

More details can be found in Decree 134/2024/ND-CP which comes into force in Vietnam from October 21, 2024.

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