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Customs & Global Trade Updates | June 2024
This update highlights the key customs and global trade on June 2024
This update highlights the following matters:
- Implementation of EU Import Control System 2 (ICS2) Release 3.
- Updates on the Value-Added Tax (VAT) rate reduction for the last six months of 2024.
- Updates on the accession of the United Kingdom (UK) to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (the CPTPP).
- Decree on an extension of the deadline of VAT, Corporate Income Tax (CIT), Personal Income Tax (PIT) and land rent payments in 2024.
- Official Letters (OLs) providing guidance on the following matters:
- Differences on the consumption rate and loss ratio affecting the origin of goods declared in Certificate of Origin (C/O)
- Tax policy for goods imported by Export Processing Enterprises (EPE) for which the usage purpose changes
- Classification and duty rate application of automotive parts in complete knock-down sets (CKD)
- Customs procedure for scraps returned after exportation
- Difference on HS codes declared in the C/O and customs declaration
- Determining whether an entity is a foreign trader without a presence in Vietnam