NEW TAX FOR VIETNAM

Vietnam’s Ministry of Finance officially issued announcement No. 07 / 2021 / tt-btc on January 25, 2021, setting a time limit for the submission of certificates of origin of imported goods applicable to the Vietnam EU free trade agreement (evfta), according to the Vietnam business daily.

Import goods enjoying the tariff preference of Vietnam EU free trade agreement (evfta) shall submit the certificate of origin according to the following time regulations:

The declarant shall submit the certificate of origin of the goods at the same time when going through the customs formalities.

If the customs declarant is unable to obtain the certificate of origin when going through the customs formalities, the customs declarant shall state in the customs declaration that the certificate of origin will be supplemented, and shall supplement the certificate of origin within 2 years from the date of registration of the customs declaration (applicable to the case that the certificate of origin is still valid).

If the declarant fails to hand in the certificate of origin on time due to irresistible reasons and other reasonable reasons beyond the management of the importer, the Ministry of Finance and the General Administration of Customs of Vietnam will decide whether the goods can enjoy the preferential tariff conditions of evfta.

The General Administration of Customs of Vietnam will decide whether the imported goods can enjoy evfta preferential tariff terms in accordance with the Announcement No. 38 / 2018 / tt-btc of the Ministry of finance of Vietnam on April 20, 2018 and No. 62 / 2020 / tt-btc of September 5, 2020. Announcement No. 07 / 2021 / tt-btc will take effect on March 11, 2021. For those who have factories in Vietnam, please make preparations in advance.