06 February 2018

Vietnam implements indirect tax changes for 2018

Recent customs and value added tax (VAT) changes in Vietnam include new preferential tariff classifications for 2018, which will apply for various dutiable commodities (including new entries/changes to the Harmonized System (HS) code, description and duty rates). Additionally, the 0% rate of preferential tariff levied on imported vehicle components (subject to conditions) will now apply from November 16, 2017 to December 31, 2022. Finally, VAT refunds are now allowed for imported goods that are then exported (this was previously disallowed).

An Indirect Tax Services group Alert, attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2018-0268

Document ID: 2018-0268