Customs procedures on imported products must facilitate trade

Jun 22nd at 16:35
22-06-2016 16:35:48+07:00

Customs procedures on imported products must facilitate trade

The issuance of the list of imported products, which must follow customs procedures at Vietnamese border gates, must be under established laws while creating favourable conditions for businesses and trade.

This was announced by Deputy Prime Minister Vuong Dinh Hue.

At the working session with the Ministry of Finance on June 21, Hue asked the ministry to attach importance to these issues when compiling the list of imported products which must have customs procedures conducted at Vietnamese border gates.

"Careful study is needed, given the recent promulgation of Government Resolution 35/NQ-CP on support to enterprises by 2020," he stressed.

The possible impact, such as congestion of goods at border gates or rising business costs, must be taken into consideration, Hue said.

According to the Ministry of Finance, which was in charge of compiling the list, the issuance was in line with Decree No. 08/2015/ND-CP instructing the implementation of customs procedures following the Law on Customs, with one term stating that based on import and export in each period, the Prime Minister had decided the list of imported products with customs procedures to be conducted at border gates.

Deputy Minister of Finance Do Hoang Anh Tuan said the move was aimed at tightening customs checks on products to limit consumption in the domestic market or on products with high risk of trade frauds.

The finance ministry has proposed 11 categories of products to be included in the list.

These include cigarettes, cigars, tobacco and alcohol, as well as beer, cars with less than 16 seats, motorcycles with cylinder capacity above 125cm3 and aircraft, along with yachts which were subject to special consumption tax, air conditioners with capacity of less than 90,000 BTU, cards, votive papers and imported products which enjoyed preferential import taxes.

According to Nguyen Ngoc Anh, deputy director of the General Department of Customs, those products accounted for just 8.7 per cent of the total customs clearance volume, thus the impact on enterprises would not be significant.

bizhub



NEWS SAME CATEGORY

Individual investors scramble to buy Saigonbank shares

Ten individual investors have registered to buy up to 67.5 million shares of Saigonbank, while Vietinbank will divest only nearly 16.9 million shares of Saigonbank.

Foreign exchange reserves skyrocket

Viet Nam's foreign exchange reserves, exclusive of gold, reached a record high of US$38 billion in mid-June, said State Bank of Viet Nam Governor Le Minh Hung.

SME law to yield $19 billion in taxes: experts

The law to support small and medium – d enterprises (SMEs) will help generate over US$19 billion in taxes, according to an impact assessment by economic expert Le...

Parties urged to pay $160mn tax in Big C Vietnam transfer deal

Two months after the finalization of a massive deal that sees French-owned supermarket chain Big C Vietnam transferred to a new owner, neither of the parties...

PVcomBank's profits expected to decrease 8% in 2016

Viet Nam Public Bank's pre-tax profit is expected to fall by 8 per cent year-on-year to VNĐ65 billion (US$2.9 million), on a revenue of VNĐ5.5 trillion, in 2016.

Conditions unavailable for ADB to resolve bad debts

Asian Development Bank (ADB) President Takehiko Nakao expressed an intention to help Vietnamese banks deal with bad debts, but necessary conditions were not yet in...

Banks try to cut loan rates but seek Gov't help

Over a month after the State Bank of Viet Nam called on banks to cut interest rates on loans, particularly to businesses, some banks - including joint stock lenders...

SOEs struggle to divest

State corporations and groups are facing mounting hardships in their efforts to pull out from banks amid an increasingly challenging business climate.

CPA Australia raises bar for Vietnam’s auditing services

Global economic integration highlights the need for Vietnam to work towards the full adoption of International Financial Reporting Standards (IFRS). Huynh Thien...

State revenue from dividends still low

As of May, the Government's revenue from dividends remained low at only VND13.5 trillion (US$602 million), equal to only 25 per cent of the estimates for the year.

Bank stocks

Insurance stocks


MOST READ


Back To Top