Import tax exemption for components and technological goods that cannot be manufactured locally
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- Business
- 21:14 01/08/2022
DNHN - The Ministry of Information and Communications is working on a Circular that will specify which imported raw materials, suppliers, and components are free from import tax to directly facilitate the manufacture of information technology digital products, such as software.
Only raw materials, suppliers, and components that cannot be produced locally and directly support the creation of items on the List of rules are excluded from import tax, according to the draft.
The foundation for finding that items cannot be manufactured locally must adhere to Ministry of Planning and Investment requirements.
Dossiers and tax exemption processes must conform with the terms of Decree 134/2016/ND-CP dated September 1, 2016, and Decree 18/2021/ND-CP dated March 11, 2021, revising and augmenting several articles and measures to implement the legislation on import and export tax.
The proposal explicitly outlines the List of 29 information technology (IT) items, digital content, and software that are exempt from import tax on raw materials, suppliers, and components, such as 5G telecommunications network equipment and software, among other technologies; IoT-based devices and software; new generation intelligent terminals, transmission equipment, and fixed internet terminals; IT equipment and software for education; smart cameras, AI cameras, and software to analyze, process, and manage data obtained from cameras; IC products for telecommunications, IT, and IoT; optical fibre, optical cable, and transmission and connection equipment in optical communication; electronic identification and authentication platform equipment and software; equipment and software of the cloud computing system…
The Ministry of Information and Communications must review, revise, and augment the preceding List for items that meet one of the following criteria:
The domestic market is in high demand and adds significant value; it has export potential; it has a favourable influence on technical innovation and economic efficiency in other economic sectors; meets the needs of national defence and security.
PV
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