Decree No. 81/2024/NĐ-CP amends and supplements certain provisions of Decree No. 119/2022/NĐ-CP on the Special Preferential Import Tariff Schedule of Vietnam to implement the ASEAN-Korea Trade Agreement for the period 2023-2027. This document stipulates the adjustment of the tariff schedule and the conditions for applying the AKFTA tariff rate.
Scope of application
Importers of goods from South Korea into Vietnam
Key points
- Issuing a new Special Preferential Import Tariff Schedule to implement the ASEAN-Korea Agreement for the period 2023-2027 (Article 1, Clause 1).
- Applying the AKFTA tariff rate from November 28, 2023, until the end of 2027 (Article 1, Clause 3).
- Determining the AKFTA tariff rate within and outside quotas for specific goods (Article 1, Clause 7).
- Replacing the old tariff schedule with the new one from the date this Decree takes effect (Article 2, Point 2).
- Permitting the refund of excess tax paid if the amount paid exceeds the new rate (Article 2, Point 3).
🌐 Social impact of this document
- Helping Vietnamese enterprises save import costs for goods from South Korea.
- Strengthening trade relations between Vietnam and South Korea.
- Financial burden for enterprises that have paid taxes according to the old schedule if the rates were higher than those in the new schedule.
❓ Frequently asked questions
When does this Decree take effect?
Immediately upon issuance, which is July 4, 2024.
Which goods apply the AKFTA tariff rate within quotas?
Certain goods under commodity groups 04.07, 17.01, 24.01, 25.01.
If an enterprise has paid taxes according to the old schedule and the rate was higher than the new schedule, how will it be handled?
The excess tax paid will be refunded by the customs authority in accordance with the laws on tax administration.
When is the AKFTA tariff rate applicable?
From November 28, 2023, until the end of 2027.
Will businesses benefit from the adjustment of the tariff schedule?
Yes, enterprises importing goods from South Korea will save costs due to the special preferential AKFTA tariff rate.
Full text
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THE GOVERNMENT
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Number: 81/2024/NĐ-CP
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness _____________________
Hanoi, July 4, 2024
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DECREE
Amending and supplementing certain Articles of Decree No. 119/2022/NĐ-CP dated December 30, 2022 of the Government promulgating the Special Preferential Tariff Schedule of Vietnam to implement the ASEAN-Korea Free Trade Agreement for the period 2022-2027
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Pursuant toLaw on Government Organization dated June 19, 2015; Law amending and supplementing certain provisions of Law on Government Organization and the Law on Local Administration Organization dated November 22, 2019;
Pursuant toLaw on Export Duties and Import Duties April 6, 2016;
Pursuant toCustoms Law dated June 23, 2014;
Pursuant toLaw on International Treaties dated April 9, 2016;
Pursuant toLaw on Personal Income Tax dated June 13, 2019;
To implement the ASEAN-Korea Free Trade Agreement between the Association of Southeast Asian Nations (ASEAN) and the Republic of Korea (ROK), which took effect from June 1, 2007, and Protocol No. 3 amending the ASEAN-Korea Free Trade Agreement, which took effect from November 28, 2023;
At the proposal of the Minister of Finance;
The Government promulgates this Decree amending and supplementing certain Articles of Decree No. 119/2022/NĐ-CP dated December 30, 2022 of the Government promulgating the Special Preferential Tariff Schedule of Vietnam to implement the ASEAN-Korea Free Trade Agreement for the period 2022-2027.
Article 1. Amending and supplementing certain Articles of Decree No. 119/2022/NĐ-CP dated December 30, 2022 of the Government promulgating the Special Preferential Tariff Schedule of Vietnam to implement the ASEAN-Korea Free Trade Agreement for the period 2022-2027
Amending and supplementing Clause 1, Clause 3, and Clause 7 of Article 3 as follows:
1. Amending Clause 1 as follows:
"1. Issuing with this Decree the Special Preferential Tariff Schedule of Vietnam (hereinafter referred to as AKFTA tariff rate) and the List of goods subject to the Special Preferential Tariff Rate outside quotas of Vietnam to implement the ASEAN-Korea Free Trade Agreement for the period 2023-2027"
2. Amending Clause 3 as follows:
"3. Column 'AKFTA Tariff Rate (%)': The rate applicable from November 28, 2023 to December 31, 2027."
3. Amending and supplementing Clause 7 as follows:
"7. For imported goods subject to quota tariffs including some items under commodity groups 04.07, 17.01, 24.01, 25.01, the AKFTA tariff rate within quotas is the rate specified in the Special Preferential Tariff Schedule issued with this Decree, the AKFTA tariff rate outside quotas is the rate specified in the List of goods subject to the Special Preferential Tariff Rate outside quotas issued with this Decree. The import tariff rate outside quotas for goods not included in the aforementioned list shall be applied according to the provisions of the Export Tariff, the Preferential Tariff Schedule, the List of Goods and Absolute Tax Rates, Mixed Tax Rates, Import Tariffs outside Quotas of the Government at the time of importation. The annual quota volume and list of imported goods are regulated by the Ministry of Industry and Trade."
Article 2. Implementation clause
1. This Decree takes effect from the date of issuance.
2. Replacing the Special Preferential Tariff Schedule of Vietnam to implement the ASEAN-Korea Free Trade Agreement for the period 2022-2027 issued with Decree No. 119/2022/NĐ-CP dated December 30, 2022 of the Government with the Special Preferential Tariff Schedule of Vietnam to implement the ASEAN-Korea Free Trade Agreement for the period 2023-2027 issued with this Decree.
3. For goods that are imported and have customs declaration forms registered from November 28, 2023 to before the effective date of this Decree, if they meet the conditions to enjoy the AKFTA tariff rate as prescribed in Decree No. 119/2022/NĐ-CP dated December 30, 2022 of the Government and have paid taxes according to the tariff rates in the Tariff Schedule issued with Decree No. 119/2022/NĐ-CP dated December 30, 2022, and the amount of tax paid is higher than the corresponding rate in the Tariff Schedule issued with this Decree, then the excess tax paid will be handled by the customs authority in accordance with the laws on tax administration.
Article 3. Responsibility for Implementation
Ministers, Heads of ministerial-level agencies, Heads of agencies under the Government, Chairpersons of provincial and centrally-administered city People's Committees, and related organizations and individuals are responsible for implementing this Decree.
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Place of Receipt: |
PRIME MINISTER
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