NEW REGULATIONS ON CUSTOMS VALUATION TO BE ISSUED

The draft decree comprises three chapters and 27 articles. The new rule will very clearly define methods and principles of customs valuation of exports and imports, and methods with transaction value. Besides, there are methods and principles of customs valuation for the buyer and seller with special relationships, transaction methods of identical goods, deductible goods and customs value added methods. The draft decree has a section clearly specifying objects, cases and principles of declaration and submission of customs value forms and a section stipulating value database, power of modification and supplementation, principles of building a list of exports and imports with value risks.
 
Notably, the draft decree also sets aside a section specifying conditions, procedures and records of goods code predetermination. The decree is expected to be issued and enforced on September 1, 2016 when the Law on Export and Import Tax takes effect. The General Department of Vietnam Customs is taking opinions for the draft.

Source: VCCI