Our February 2020 publication of this Tax and Accounting Updates looks at a new Decree on preferential import tariffs for the ASEAN- Hong Kong, China Free Trade Agreement, a Decision on amendments to the management and granting of social insurance codes, and our regular review of recent Official Letters released by the Tax Authorities.

NEW DECREE ON SPECIAL PREFERENTIAL IMPORT TARIFFS, IMPLEMENTING THE ASEAN – HONG KONG, CHINA FREE TRADE AGREEMENT FOR 2019 – 2022

365体育官方网址On 5 January 2020, the Vietnamese Government issued Decree 07/2020/ND-CP covering Vietnam’s Special Preferential Import Tariffs to implement the ASEAN – Hong Kong, China Free Trade Agreement for 2019 – 2022 (“AHKFTA Tariff”), and the conditions to be entitled to the preferential tax rates.

The special preferential tariff schedule detailed in the Decree apply to goods imported from member countries of the ASEAN-Hong Kong, China Free Trade Agreement, including:
i. Brunei Darussalam
ii. Cambodia
iii. Indonesia
iv. Laos
v. Malaysia
vi. Myanmar
vii. Philippines
viii. Singapore
ix. Thailand
x. Hong Kong
xi. Vietnam (ie, goods imported from a free trade zone into the domestic market)

The tariffs rates are divided into four specific periods:
• from 11 June 2019 to 31 December 2019;
• 2020;
• 2021; and
• 2022.

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