Circular No. 48/2016/TT-BTC dated March 17, 2016 amending the preferential import tax rate for in the Heading 27.01 under the preferential import tariff

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Issuing body:	Ministry of Finance	Effective date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Official number:	48/2016/TT-BTC	Signer:	Vu Thi Mai
Type:	Circular	Expiry date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Issuing date:	17/03/2016	Effect status:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Fields:	Commerce - Advertising , Finance - Banking , Tax - Fee - Charge

SUMMARY

To reduce the preferential import tax rate for aviation spirit and automotive diesel fuel

From March 18, 2016, the preferential import tax rate for aviation spirit, not of a kind used as jet fuel, is formally reduced from 10% to 7% is the important content prescribed at the Circular No. 48/2016/TT-BTC dated March 17, 2016 of the Ministry of Finance amending the preferential import tax rate for in the Heading 27.01 under the preferential import tariff.

The preferential import tax rate of 7% is also applicable to Bio-diesel fuels (B5, B10); while the previous import tax rate for this commodity is 10% and 13% in turn.

For other commodities, the import tax rate are the same with current regulations; within that, the preferential import tax rate of 20% are applicable for Motor spirit; Low aromatic solvents containing by weight less than 1% aromatic content; the import tax rate of 5% is applicable for lubricating oil feedstock, lubricating oils for aircraft engines, other lubricating oils, lubricating greases, transformer and circuit breakers oils…

This Circular takes effect on March 18, 2016.

The maximum interest rate applicable to USD deposits of individuals decreased to 0% per year

This information has just been declared by the State Bank of Vietnam at the Decision No. 2589/QD-NHNN dated December 17, 2015 On the maximum interest rate applicable to USD deposits of entities, individuals at credit institutions, foreign bank branches under the Circular No. 06/2014/TT-NHNN dated March 17, 2014.

In particular, instead of the interest rate of 0,25% promulgated at the end of September, 2015, from December 18, 2015, Maximum interest rate applicable to deposits of entities (other than credit institutions, foreign bank branches) to be of 0%/annum, and maximum interest rate applicable to deposits of individuals to be of 0%/annum. . Interest rates applicable to term USD deposits of entities, individuals at credit institutions arising prior December 18, 2015 shall be implemented until the expiry of the term.

This Decision shall come into effect from 18 December 2015 and replace the Decision No. 1938/QD-NHNN dated 25 September 2015.

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Effect status: Known

THE MINISTRY OF FINANCE

Circular No. 48/2016/TT-BTC dated March 17, 2016 amending the preferential import tax rate for in the Heading 27.01 under the preferential import tariff

Pursuant to the Law on import tax and export tax dated June 14, 2005;

Pursuant to the Resolution No. 295/2007/NQ-UBTVQH12 dated September 28, 2007 promulgating the export tariff according to the list of dutiable commodity groups and the duty rate bracket for each commodity group and the preferential import tariff according to the list of dutiable commodity groups and the preferential duty rate bracket for each commodity group;

Pursuant to the Resolution No. 87/2010/ND-CP dated August 13, 2010 of the Governmentdetailing a number of articles of the law on import duty and export duty;

Pursuant to the Resolution No. 83/2014/ND-CP dated September 03, 2014 of the Government on petrol and oil trading;

Pursuant to the Decree No. 215/2013/ND-CP dated December 23, 2013 of the Government defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

The Minister of Finance promulgates the Circular amending the preferential import tax rate for in the Heading 27.01 under thepreferential import tariff.

Article 1. To amend the preferential import rate for petrol and oil in the Heading 27.01

1. To amend the preferential import rate for petrol and oil in the Heading 27.01 under thepreferential import tariff attached together with the Circular No. 182/2015/TT-BTC dated November 16, 2015 of the Minister of Finance into the new preferential import tariff as stipulated under the List of preferential import tariff promulgated together with this Circular.

2. To amend the preferential import tax for diesel biological commodities as stipulated under Chapter 98 of the preferential import tax promulgated together with the Circular No. 182/2015/TT-BTC dated November 16, 2015 of the Minister of Finance into the new import rate as stipulated under the List of preferential import tariff promulgated together with this Circular.

Article 2. Effect

This Circular takes effect on March 18, 2016.

For The Minister

Deputy Minister

Vu Thi Mai

SECTION I

Preferential import tax rate for 97 Chapters according to the List of imported goods

Code	Description	Rate (%)
27.10	Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or included, containing by weight 70% or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations; waste oils.
	- Petroleum oils and oils obtained from bituminous minerals (other than crude) and preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, other than those containing biodiesel and other than waste oils:
2710.12	- - Light oils and preparations:
	- - - Motor spirit:
2710.12.11	- - - - Of RON 97 and above, leaded	20
2710.12.12	- - - - Of RON 97 and above, unleaded	20
2710.12.13	- - - - Of RON 90 and above, but below RON 97, leaded	20
2710.12.14	- - - - Of RON 90 and above, but below RON 97, unleaded	20
2710.12.15	- - - - Other, leaded	20
2710.12.16	- - - - Other, unleaded	20
2710.12.20	- - - Aviation spirit, not of a kind used as jet fuel	7
2710.12.30	- - - Tetrapropylene	20
2710.12.40	- - - White spirit	20
2710.12.50	- - - Low aromatic solvents containing by weight less than 1% aromatic content	20
2710.12.60	- - - Other solvent spirits	20
2710.12.70	- - - Naphtha, reformates and other preparations of a kind used for blending into motor spirits	20
2710.12.80	- - - Other alpha olefins	20
2710.12.90	- - - Other	20
2710.19	- - Other:
2710.19.20	- - - Topped crudes	5
2710.19.30	- - - Carbon black feedstock	5
	- - - Lubricating oils and greases:
2710.19.41	- - - - Lubricating oil feedstock	5
2710.19.42	- - - - Lubricating oils for aircraft engines	5
2710.19.43	- - - - Other lubricating oils	5
2710.19.44	- - - - Lubricating greases	5
2710.19.50	- - - Hydraulic brake fluid	3
2710.19.60	- - - Transformer and circuit breakers oils	5
	- - - Diesel fuel; fuel oils:
2710.19.71	- - - - Automotive diesel fuel	7
2710.19.72	- - - - Other diesel fuels	7
2710.19.79	- - - - Fuel oils	7
2710.19.81	- - - Aviation turbine fuel (jet fuel) having a flash point of 23oC or more	7
2710.19.82	- - - Aviation turbine fuel (jet fuel) having a flash point of less than 23oC	7
2710.19.83	- - - Other kerosene	7
2710.19.89	- - - Other medium oils and preparations	15
2710.19.90	- - - Other	3
2710.20.00	- Petroleum oils and oils obtained from bituminous minerals (other than crude) and preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, containing biodiesel, other than waste oils	5
	- Waste oils:
2710.91.00	- - Containing polyclorinated biphenyls (PCBs), polychlorinated terphenyls (PCTs) or polybrominated biphenyls (PBBs)	20
2710.99.00	- - Other	20

SECTION II

Chapter 98 – Regulations on codes and special preferential import tax rates imposed on some codes

Code			Description	Corresponding Code in Part I Appendix II			Rate (%)
9838	00	00	Biofuels (E5, E10)	2710	12	14	20
9838	00	00	Bio-diesel fuels (B5, B10)	2710	20	00	7

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Circular No. 48/2016/TT-BTC dated March 17, 2016 amending the preferential import tax rate for in the Heading 27.01 under the preferential import tariff

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