MoF delays import duty collection

The deadline for businesses to pay import duties has been delayed on certain raw materials used in the production of goods for export.

Under Circular No. 05/2009/TT-BTC, the Ministry of Finance (MoF) has extended the deadline for paying taxes on imported materials used directly in the production of export products by 275 days from the completion of customs procedures.

In certain cases, including the import of raw materials used in shipbuilding, production of machinery, cattle-breeding, seafood processing, and food processing, which have a production cycle and raw material reserve of more than 275 days, the ministry will further extend the deadline for paying import taxes, the circular states.

The circular also provides that enterprises seeking to qualify for the import tax extension must satisfy certain standards relating to clearing customs procedures and not be involved in smuggling, illegal transport of goods across the border, tax evasion, or other illicit activities.

Enterprises qualifying for the extension must complete an application and submit documentation proving that the materials being imported will be used in production of export products.

VietNamNet, Viet Nam News

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