This document of the Ministry of Finance corrects errors in Circular No. 65 on guidelines for determining the taxable value for import duties and special consumption taxes for imported goods of tax-exempt entities. The notable amendment is changing the method to calculate the remaining useful value of goods exceeding 85%.
Key points
- When an entity exempt from import tax changes the reason for exemption → must recalculate the remaining useful value of goods exceeding 85%, then the taxable value will be 60% of the import price (Amended Point)
- Relevant agencies → adjust and replace information in accordance with the content of this correction
🌐 Social impact of this document
- When an entity exempt from import tax changes the reason for exemption, it must recalculate the remaining useful value of goods according to the new regulations, which may result in an increase or decrease in the amount of tax payable.
❓ Frequently asked questions
Updating.
Full text
LETTER
OF THE MINISTRY OF FINANCE NUMBER 196 TC/VP DATED DECEMBER 20, 1997
REGARDING CORRECTING CIRCULAR NUMBER 65 TC/TCT DATED SEPTEMBER 24, 1997
RESPECTED: - Central Party Office.
- President's Office, National Assembly Office.
- Supreme People's Court, Supreme People's Procuratorate.
- Ministries, ministerial-level agencies, central government agencies.
- Central bodies of mass organizations.
- Provincial People's Committees and Municipal People's Committees under the Central Government.
On September 24, 1997, the Ministry of Finance issued Circular No. 65 TC/TCT regarding guidelines for determining the taxable value for import duties and special consumption taxes on imported goods by entities that are exempt from tax but have changed their grounds for exemption. Due to errors during proofreading and printing, there were inaccuracies which the Ministry of Finance now requests to correct as follows:
Amend bullet point (-) number one from bottom up, page 2, to read: "- If the residual value of the goods exceeds 85%, the taxable value shall be sixty percent (60%) of the import price of the goods."
The Ministry of Finance hereby informs relevant agencies for their information and requests them to adjust and replace according to the content stated above and sincerely apologizes to all concerned agencies.
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