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Best tools and resources for import and export tasks
Navigating the world of importing and exporting can be tricky. However, there are plenty of helpful tools and resources out there to guide you. Let’s dive into some of the best ones to help you succeed. 1. World Customs Organization (WCO) The WCO provides leadership in areas like the developme...
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What is Post-Clearance Audit? The Fear Of Importers?
In import-export operations, Post-Clearance Audit (PCA) is an important step to ensure transparency, legal compliance, and prevention of trade fraud. This is a process conducted by customs authorities after goods have been cleared, aiming to review and evaluate documents and business compliance with...
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What are Free Trade Agreements (FTAs) in Vietnam Business Context: How to Take Advantage?
Free Trade Agreements (FTA) have transformed Vietnam’s economic landscape, creating unprecedented opportunities for businesses to expand internationally. With 16 FTAs currently in force, Vietnam has positioned itself as a key player in global trade networks. This comprehensive guide explores h...
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Customs Newsletters – Legal Updates August 2024
1. Special preferential tariffs for the implementation of the ASEAN-Korea Free Trade Agreement (AKFTA) for the period of 2023 – 2027 The Government of Vietnam has just issued Decree No. 81/2024/ND-CP. Attached to this Decree is Vietnam’s Special Preferential Import Tariff, implementing th...
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Tax refund for goods imported for production and business but put into export production
Goods imported for production and/or business for which import tax has been paid but put into the production of export goods, and then these products have been exported abroad or into non-tariff zones shall be eligible for import tax refund. It should be noted that taxpayers must declare on the ex...
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The right to export imported goods (without further processing) of FDI enterprises
On July 29, 2024, the GDC issued Official Letter No. 1238/GSQL-GQ2 to answer questions about export and import rights of FDI enterprises. The GDC opinions on this issue are as follows: 1. Regarding Import Rights: In case the FDI enterprise has been licensed to exercise the right to import (ac...
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Instructions for customs procedures on changing the purpose of use from duty-free imported goods to liquidation sales for domestic enterprises
To address this issue, the GDC recently issued Official Letter No. 3701/TCHQ-TXNK on July 31, 2024. Firstly, the GDC affirms that duty-free imported goods that have cleared customs but later change their purpose of use must have a new customs declaration made. The procedure is implemented accord...