On May 21, 2021, the Government of Vietnam issued Decree No. 53/2021/ND-CP on preferential export tariffs and special preferential import tariffs of Vietnam to implement the Free Trade Agreement between the Vietnam and the United Kingdom of Great Britain and Northern Ireland for the period 2021-2022 (“Decree No. 53/2021/ND-CP”).
Decree No.53/2021/ND-CP promulgating the Preferential Export Tariff and the Special Preferential Import Tariff of Vietnam to implement the Free Trade Agreement between the Socialist Republic of Vietnam and the Union United Kingdom and Northern Ireland (UKVFTA) period 2021 – 2022 and conditions to enjoy preferential export tax rates,
special preferential import taxes under the UKVFTA. The specific tax rates for
each year of each item are specified in the appendices of that Decree.
Accordingly, in order to
enjoy the preferential export tax rate under the UKVFTA, goods exported from
Vietnam that are eligible for the preferential export tax rate specified in
Decree No.53/2021/ND-CP must meet the following conditions: (i) Being imported
into the United Kingdom; (ii) Having a transport document (copy) showing that
the destination is the United Kingdom; (iii) Having the import customs
declaration of the export consignment of Vietnamese origin imported into the
United Kingdom (copy and translation in English or Vietnamese in case the
language is showed on the declaration is not in English).
In addition, imported
goods eligible for special preferential import tax rates under the UKVFTA must
fully satisfy the following conditions: (i) Belonging to the special
preferential import tariff schedule specified in the Appendix II promulgated
together with Decree No.53/2021/ND-CP; (ii) Being imported into Vietnam from:
The United Kingdom or Vietnam (Goods imported from the free trade zone into the
domestic market); (iii) Meeting the regulations on origin of goods and have
proof of origin according to the provisions of the UKVFTA.
Information above are
the provisions on the import and export tariff of goods under the UKVFTA, goods
import and export enterprises need to pay attention to be able to apply the
import preferential tariff, in order to bring new business highest benefit for
the business.
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Source ANTLawyers: https://antlawyers.vn/library/vietnam-promulgated-preferential-import-export-tariff-schedule-to-implement-ukvfta-agreement.html
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