Circular No. 126/2011/TT-BTC dated September 7, 2011 of the Ministry of Finance amending and supplementing a number of articles of the Ministry of Finance’s Circular No. 165/2010/TT-BTC of October 26, 2010, providing customs procedures for export, import, temporary import for re-export and border-gate transfer of petrol and oil; import of materials for production and preparation of petrol and oil; and import of materials for export processing of petrol and oil
MORE OBJECTIVES TO IMPLEMENT PROCEDURE FOR EXPORTING AND IMPORTING PETROL AND OIL
The Ministry of Finance issued the Circular No. 126/2011/TT-BTC dated September 07, 2011 amending, supplementing some Articles of the Circular No. 165/2010/TT-BTC dated October 26, 2010 of the Ministry of Finance guiding customs procedures for export, import, temporary import for re-export and border-gate transfer; import of materials for production and mixture; and import of materials for export processing of petrol and oil.
The Circular supplements 01 more implementation objective who are traders that possess petrol and oil export and import licenses for enterprise’s businesses and productions in export processing zone, tax-suspension warehouses, commercial and industrial zone and other border economic zones which are all established in accordance with Prime Minister’s Decision, within that, it regulates that the trading relationships among regions are import – export relationships, customs procedure for petrol and oil trading will be implemented in the forms of temporary import and re-export; in particular, petrol and oil trading enterprises will make procedure for importing petrol and oil into Vietnam in accordance with temporary import and sale regime for enterprises in above regions due to petrol and oil re-export regime.
Petrol and oil already temporarily imported but neither re-exported nor fully re-exported may be put into domestic consumption is defined in accordance with % petrol and oil volumes temporarily imported, re-exported and put into domestic consumption instead of applying 01 agreed time as previous regulations. In particular, petrol and oil volumes that are less than or equal to 10% temporary imported volumes will have time-limit for tax payment prescribed at sub-clause (d), clause 3 and clause 4, Article 42 of the Law No. 78/2006/QH11 on Tax Administration. If petrol and oil volumes temporarily imported, re-exported and put into domestic consumption over 10% temporarily imported volume, time-limit for tax payment for volume over 10% temporarily imported volume complies with sub-clause (dd), Clauses 3 and 4, Article 42 of Tax Administration Law No. 78/2006/QH11.
Besides, the Circular also issues new regulation on customs procedures for re-export and export of petrol and oil for aircraft and the customs dossier to export petrol and oil includes: 02 originals of registered customs declaration; 01 copy of purchase contract of petrol and oil produced in country or having import original; 01 copy of purchase contract of petrol and oil for aircraft and annex (if any); 01 original of sale invoice or ex-warehousing bill and so on.This Circular takes effect on October 21, 2011.
For further details of the Circular 126/2011/TT-BTC, Click here
translation of the Official Gazette of the Vietnam News Agency