Vietnam Clarifies Import Duty, VAT Exemption
Vietnam’s customs authority recently issued guidance on an exemption for import duties and value-added taxes on items intended for “factory constructions,” KPMG said in a Sept. 22 post. An “export and processing” company that imports certain factory construction goods but…
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then subleases a portion of the factory to another business is not eligible for duty exemptions on the imports for use in the factory construction, KPMG said. In addition, if the export and processing company continues to use the factory for its own business at the end of the sublease period, it cannot apply for import duty or VAT refunds.