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basic dutiy

Name/Company name: ashish nikam
Categories: Tax Customs Procedures
Date: 14-06-2016 10:44
Question:
This is ashish nikam from sudarshan group. we are chemical importer but now we are start import bulk material from korea so please let us know how to know basic duty get from online.

we know about material name Toluene basic duty. we going to import material from korea. so let us know basic duty.
Answer at 14-06-2016 10:45:

Note: Our suggestion is for your reference only, not legally obligated.

For your questions, we would like to have below answer:

Therefore your question is not clear, we have no basis to answer specific. We suggest the following:

1. In case your company is bussiness in Vietnam, and start import Toluene from Korea, we suggest the following:

*  HS and Import tax rate:

In order to determine the tax rate for a commodity, its HS code must be specified first. The identification of HS codes and tax rates of some particular items must be based on actual goods.

Pursuant to List of import-export goods enclosed with the Circular No. 103/2015/TT-BTC dated 01/07/2015 by Ministry of Finance, you can refer HS as followings:

HS 27.07 : Oils and other products of the distillation of high temperature coal tar; similar products in which the weight of the aromatic constituents exceeds that of the non-aromatic constituents.

HS 2707.20.00 : - Toluen.

HS 29.02: Cyclic hydrocarbons

HS 2902.30.00: - Toluen.

* ASEAN- KOREA import/export tariff schedule

Pursuant to Article 2, Circular No. 167/2014/TT-BTC dated 14/11/2014 by the Ministry of Finance, promulgating Vietnam’s SpecialPreferential Import Tariff to implement the ASEAN - KOREA Agreement on Trade in Goods during 2015- 2018, to be eligible for AKFTA duty rates, imports must fully meet the following conditions:

1. Being named in the Special Preferential Import Tariff promulgated together with this Circular;

2. Being imported into Vietnam from the following member countries of the ASEAN- KOREA Agreement on Trade in Goods: Brunei Darussalam; The Kingdom of Cambodia; The Republic of Indonesia; Lao People's Democratic Republic; Malaysia; The Union of Myanmar; The Republic of the Philippines; The Republic of Singapore; The Kingdom of Thailand; The Republic of Korea (Korea); The Socialist Republic of Vietnam (goods imported into the domestic market from nontariff areas).

3. Being transported directly from a country of exportation specified Clause 2 of this Article to Vietnam under the Ministry of Industry and Trade's regulations;

4. Satisfying the rules of origin of goods in the ASEAN- KOREA Agreement on Trade in Goods and having an ASEAN-KOREA certificate of origin (referred to as C/O - Form AK) as required by the Ministry of Industry and Trade.

If your good imported from Korea, if commodities are met conditions of origins, transportation… of Circular No. 167/2014/TT-BTC dated 14/11/2014 by the Ministry of Finance, will be applied tax rate under the Tariff issued together with this Circular:

HS 2707.20.00 : - Toluen. The import tax rate is 0% (applied from 2015 to 2018).

HS 2902.30.00: - Toluen. The import tax rate is 0% (applied from 2015 to 2018).

.* MFN import/export tariff schedule:

If you do not meet the conditions of preferential tax imports from Korea, you have to apply the import duty under MFN import export tariff schedule enclosed with Circular No. 182/2015/TT-BTC dated 16/11/2015 by the Ministry of Finance:

HS 2707.20.00 : - Toluen. The import tax rate is 0%.

HS 2902.30.00: - Toluen. The import tax rate is 0%.

* For VAT: is performed as Circular No. 83/2014/TT-BTC dated June 26, 2014 of the Ministry of Finance guiding the application of value-added tax according to Vietnam’s list of imports.

2. In case of your company in India (we suggested because we search from internet that group Sudarshan in India) and your company want to know the import duties toluene from South Korea into India, then suggest that you contact with Korea Customs Service to support.

Your sincerely.