Customs valuation matters with particular reference in transfer pricing that attract attention in Vietnam recently. There are acceptable methods of reducing customs duty liabilities. In order to clarify for the method to identify the customs value of imported and exported products, the Ministry of Finance has issued the Circular 29/2014/TT-BTC guidinging identical imported products; license fees, and licensing fees relating to imported products; the activities to simplify process after importing; explaining “like a condition of product sale transaction” at Point b, Section 1.2.5.1 Article 14 on license fees, licensing fees in Circular 205/2010/TT-BTC.
The ministry also abolished regulations on method to identify customs value in case of illegal dossiers or conflicts of documents at section 2.2 Article 10 Circular 205.
The new Circular takes effect on April 12th 2014.
For further information or legal advice, please contact our customs lawyers in Vietnam at ANT Lawyers.