Circular No. 119/2012/TT-BTC amends and supplements Circular No. 157/2011/TT-BTC dated November 14, 2011, issued by the Ministry of Finance on the Export Tariff, Preferential Import Tariff according to the list of taxable goods.

CIRCULAR

Amending and supplementing Circular No. 157/2011/TT-BTC dated November 14, 2011 issued by the Ministry of Finance on the Export Tariff Schedule and Preferential Import Tariff Schedule according to the list of taxable goods

 Export tariff schedule, preferential import tariff schedule according to the list of taxable goods

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Pursuant to the Law on Export Tax and Import Tax dated June 14, 2005;

Pursuant to Resolution No. 295/2007/NQ-UBTVQH12 dated September 28, 2007 of the Standing Committee of the National Assembly on the issuance of the Export Tariff Schedule according to the list of taxable goods groups and the tax rate framework for each group, the Preferential Import Tariff Schedule according to the list of taxable goods groups and the preferential tax rate framework for each group;

Pursuant to Decree No. 87/2010/NĐ-CP dated August 13, 2010 of the Government detailing certain provisions of the Law on Export Duties and Import Duties;

Pursuant to the Decree No. 118/2008/NĐ-CP dated November 27, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Implementing the Prime Minister's directive in Official Letter No. 3899/VPCP-KTTH dated June 8, 2010 regarding the tax on money-carrying vehicles;

At the proposal of the Director of the Policy Department;

The Minister of Finance hereby issues this Circular amending and supplementing Circular No. 157/2011/TT-BTC dated November 14, 2011 issued by the Ministry of Finance on the Export Tariff Schedule and the Preferential Import Tariff Schedule according to the list of taxable goods (hereinafter referred to as Circular No. 157/2011/TT-BTC).

Article 1. Amend and supplement Part I, Section II, Appendix II of the Preferential Import Tariff Schedule according to the list of taxable goods issued together with Circular No. 157/2011/TT-BTC as follows:

1. Supplement Clause 1 - Chapter Notes - Point x) Group 98.23: Money-carrying vehicles.

2. Supplement Point 3.2, Clause 3 - Method of classification, conditions for applying special preferential import tariff rates recorded in Chapter 98, settlement of import procedures and usage as follows:

"b.7) Goods imported under Group 98.23:

- A written confirmation from the State Bank of Vietnam according to the form attached to this Circular ensuring compliance with the standards for money-carrying vehicles prescribed by the State Bank of Vietnam (The confirmation letter must clearly state the number of pages, all pages must be stamped and bound together, and four copies must be prepared: two copies to be handed over to the importing enterprise (one copy to be submitted to the customs authority when handling import procedures, one copy to be kept by the importing enterprise), and two copies to be retained by the State Bank of Vietnam).

- The users of money-carrying vehicles are the State Bank of Vietnam and its affiliated units; credit organizations; Treasury; Vietnam Development Bank.

- When importing money-carrying vehicles, the importing enterprise, in addition to the general import documents, must present to the customs authority a confirmation from the State Bank of Vietnam regarding compliance with the standards for money-carrying vehicles as stipulated by the State Bank of Vietnam.

- Within three months from the completion of customs procedures, the importing enterprise must send a copy of the sales invoice to the users of money-carrying vehicles mentioned herein, certified by the importing enterprise, to the State Bank of Vietnam for retention and management.

- In cases where the requirements set forth above are not met or the purpose of use is changed or the user is altered, the enterprise must pay taxes according to the type of vehicle imported corresponding to the commodity code and preferential import tariff rate specified in Part I of Appendix II of the Preferential Import Tariff Schedule."

3. For batches of money-carrying vehicles imported from August 1, 2012 onwards, if they meet the conditions regarding the users and have a written confirmation from the State Bank of Vietnam ensuring compliance with the standards for money-carrying vehicles as stipulated in Clause 2 of this Article, they shall be classified and taxed according to the provisions of this Circular.

Article 2. Supplement Part II, Section II, Annex II of the Preferential Import Tax Tariff List issued together with Circular No. 157/2011/TT-BTC as follows:

Article 3. Effectiveness

This Circular takes effect from September 3, 2012./.