VCN-The government has issued Decree No. 125/2016/ND-CP on Viet Nam special preferential import tariff nomenclature to implement Viet Nam - Japan Economic Partnership Agreement for the period 2016 – 2019.
|Imports from Japan would benefit from preferential tariff. Photo: Internet|
Accordingly, the Decree stipulates special preferential import tariff rates for the Viet Nam - Japan Economic Partnership Agreement for the period 2016 – 2019 (so called VJEPA) and conditions to the beneficiaries of this Agreement.
Those regulated in the Law on Import and Export Duties would be tax-payers, Customs administration, Customs officials, organizations and individuals who have rights and duties relating to imports and exports.
The VJEPA import tariff nomenclature has been attached to the Decree with a list of goods, HS codes, names and descriptions. The nomenclature has been developed on the basis of Viet Nam import and export classification nomenclature which is categorized under 8-digit codes or 10-digit codes.
Of these, the VJEPA import duty rate table would be applied by phase, including phases from September 1st, 2016 to March 31st, 2017; April 1st, 2017 to March 31st, 2018; and from April 1st, 2018 to March 31st, 2019.
Conditions to be applied with VJEPA rates are as follows: goods belonging to the special preferential import tariff nomenclature attached to the Decree; imported from Japan and Viet Nam; directly transported from Japan to Viet Nam as stipulated by the Ministry of Industry and Trade (MOIT), satisfying regulations on origin in the Viet Nam - Japan Economic Partnership Agreement and having C/O form JV as provided by the MOIT.
Moreover, in the light of the Decree, goods from Viet Nam duty-free zones (including processed cargos) imported into the domestic market would benefit from the VJEPA rates if the goods meet the conditions regulated in item 1, Article 4 of the Decree and have C/O form JV as stipulated by the MOIT.
The Decree took effect from September 1st 2016. In parallel, Circular 25/2015/TT-BTC dated February 14, 2015 which provides for the Viet Nam special preferential import tariff nomenclature for the Viet Nam - Japan Economic Partnership Agreement for the period 2015 – 2019 be annulled.
By Huong Diu/ Phuong Lien