New Text Notification

Value of non-originating materials in RCEP

Bảo Ngọc

15:48, 24/02/2022

On February 18, 2022, the Ministry of Industry and Trade issued Circular 05/2022/TT-BCT stipulating the Rules of Origin of goods in the Regional Comprehensive Economic Partnership (RCEP).

Accordingly, the value of non-originating materials is regulated as follows:

- In the case of imported materials, the CIF price of the materials at the time of importation.

- In the case of domestically produced raw materials, the selling price of such raw material manufacturers.

( Note : Materials of undetermined origin are considered non-originating materials).

In addition, Circular 05/2022/TT-BCT also stipulates that the following costs can be deducted from the value of non-originating materials or of undetermined origin:

- Cost of transportation, insurance, packing and other costs related to transportation incurred in the process of transporting raw materials to the place of the producer of the goods.

- Customs brokerage fees, taxes, and charges, other than waived, refundable, or other recoverable taxes.

- The cost of waste treatment and damage, less the value of reused scrap or by-products.

(If you do not know the above expenses or do not have proof of expenses, these expenses cannot be deducted)

Circular 05/2022/TT-BCT takes effect from April 4, 2022.

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