Headlines 30/05/2020 07:50 SA

New tariff schedule in use from July 10, 2020

Quý Tân

The Government promulgates the Decree No. 57/2020/ND-CP amending the Decree No. 122/2016/ND-CP and the Decree No. 125/2017/ND-CP amending the Decree No. 122/2016/ND-CP on Schedule of Export Duties and Preferential Export Duties.

According to this document, Preferential Tariff Schedules will be issued according to the schedule of dutiable goods, schedule of goods and absolute, mixed and out-of-quota tariff rates.

The document prescribes that 0% preferential import tax rates will be levied on input or raw materials, parts that have not yet been domestically made to manufacture, process (assemble) products giving priority for development of the automobile manufacturing and assembly industry during the period of 2020 - 2024.

The stated regulation will be applied to:

+ Automobile parts and accessories manufacturing and processing (assembling) enterprises;

+ Enterprises manufacturing or processing (assembling) automobiles on their own.

In addition, the phrase "Regulating preferential import tax rates applicable to several goods to fulfill commitments to WTO from January 1, 2019 onwards" in the Decree No. 125/2017/ND-CP and Appendices to the Decree No. 125 will be abolished.

Decree No. 57/2020/ND-CP is in effect from July 10, 2020 while clause 3 of Article 2 in this Decree regarding 0% rate of preferential tariff on automobile accessories will commence on January 1, 2020. 

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