Are enterprises with internal control enjoyed the privilege in Vietnam?

1. Are enterprises with internal control enjoyed the privilege in Vietnam?

Pursuant to Clause 1, Article 42 of the 2014 Customs Law, an enterprise may enjoy the privilege when fully satisfying the following requirements:

a/ Strictly observe the customs and law on taxation for 2 consecutive years;

b/ Earn an annual export and import value reaching the prescribed level;

c/ Carry out e-customs formalities and e-tax formalities; have an information technology program for managing its export and import activities connected with the customs authority’s network;

d/ Make via-bank payment;

dd/ Have its internal control system;

e/ Strictly observe accounting and audit regulations.

Thus, in order to enjoy the privilege, your company must fully meet the conditions as prescribed above. Having an internal control system is one of the conditions in Vietnam.

2. What is privilege in customs formalities given to enterprises in Vietnam?

According to Article 43 of the 2014 Customs Law, privilege given to enterprises is prescribed as follows:

1. Exemption from examination of relevant documentary evidence in customs documents and exemption from physical inspection of goods in the course of carrying out customs formalities, except cases in which law violation are detected or random inspection is needed to assess law compliance.

2. Follow customs formalities with incomplete customs declarations or documentary evidence in substitution of customs declarations. Within 30 days from the date of registration of incomplete customs declarations or submission of documentary evidence in substitution of customs declarations, customs declarants shall submit complete customs declarations and relevant documentary evidence in customs documents.

3. Be prioritized when carrying out tax formalities for goods in accordance with the law on taxation.

According to this Article, privilege given to enterprises in Vietnam will comply with the above provisions.

Best Regards!