
1. Booster pump import policy
Procedures for importing booster pumps are specified in the following legal documents:
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Circular 38/2015/TT-BTC dated 25/3/2015; amended and supplemented 39/2018/TT-BTC dated 20/04/2018;
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Decree No. 69/2018/ND-CP dated 15/05/2018;
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Decree No. 43/2017/ND-CP dated 14/4/2017;
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Decree 128/2020/ND-CP dated 19/10/2020;
According to the above legal documents, booster pumps are not on the list of import-grade goods. However, when carrying out procedures for importing booster pumps, it is necessary to pay attention to the following points:
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Booster pumps must be labeled with goods when imported;
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Accurately determine the HS code so that the correct tax rate can be applied to avoid tax errors;
When carrying out procedures for importing booster pumps, the most important thing is to determine the hs code. Identifying the HS code will determine the import policy, import tax and VAT.
2. HS Code Booster Pump
Determining the HS code is the most important step when carrying out the import procedures for booster pumps. Identifying the hs code will determine import duties, VAT, and import policies. In order to determine the correct hs code, you need to understand the characteristics of the goods: The material, composition and characteristics of the product.
2.1 Booster Pump HS Code
The hs code (Harmonized System) is a series of codes that are common to all goods worldwide. Between different countries in the world, only the number of tails differs. So the first 6 digits of the worldwide hs code for an item are the same. Here, Just In Time would like to share with you the HS code of the booster pump.
HS Code
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Description
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84137029
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HS Code Water booster pumps (household, small works)
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84137090
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HS Code Industrial Booster Pumps (Large Capacity, Building Systems, Factories)
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2.2 Risks of applying the wrong HS code
Determining the correct HS code is very important when carrying out the import procedure for a booster pump. Misidentifying the hs code will bring certain risks to you, such as:
Delay in customs clearance: Incorrect HS code declaration can lead to delays in customs clearance, as it takes time to check and verify the correct information about the type of goods.
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Being fined for falsely declaring the hs code according to Decree 128/2020/ND-CP;
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Delay in delivery: If the goods are found to have an incorrect HS code declaration, the customs authority may request correction or clarification of the information. This can lead to delays in the delivery process and affect the production and business cycles of the business;
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In case of incurring import tax, they will face a fine of at least 2,000,000 VND and a maximum fine of 3 times the tax amount;
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To accurately determine the hs code for the type of booster pump, please contact the hotline or hotmail for advice;
3. Import tax on booster pumps
Determining import taxes is an important task when carrying out import procedures for booster pumps. The import duty of the goods depends on the hs code of the item. Each HS code has a specific tax rate. Here, Just In Time would like to introduce how to calculate import tax and notes when determining import tax.
3.1 How to calculate booster pump import tax
Import taxes are calculated according to the same formula as other items. There are two types of import duties of this item, namely import duty and import VAT.
Import tax determined by HS code Import tax is calculated according to the formula:
Import tax = CIF value x % of tax rate
Import VAT is determined according to the formula:
Value Added Tax = (CIF Value + Import Tax) x % VAT.
The CIF value is determined by the ex-factory value of the goods plus all costs to bring the goods to the first border gate of the importing country. Import tax is an expense that is included in the cost of goods sold for an order. Therefore, you must check the correct HS code to get the best import tax code.
3.2 Notes when determining booster pump import tax
When determining the import tax on home booster pumps, it is necessary to pay attention to the following points:
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For countries that have signed trade agreements with Vietnam such as: Europe, India, Australia, Chile, China, Korea, Japan, ASEAN countries. It is necessary to note that the special preferential tax rate is usually 0%;
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To enjoy preferential tax rates, a certificate of origin is required;
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The taxable value is the CIF value. For purchases under other conditions. When calculating import tax, the value must be converted to the CIF value for import tax calculation;
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Import taxes will also be subject to VAT;
Those are the notes when calculating import tax on booster pumps. If you don't understand how taxes are calculated and the notes above. Please contact the hotline or hotmail for advice.
4. Dossier of import procedures for booster pump import
The set of dossiers for importing booster pumps is specified in Circular 38/2015/TT-BTC dated 25/3/2015; amended and supplemented 39/2018/TT-BTC dated 20/04/2018.
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Customs declaration;
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Sale contract;
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Commercial invoices;
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Packing list;
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Bill of lading;
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Catalogue (if any), and other documents if required by customs;
Above are all documents used to carry out procedures for importing booster pumps. The most important are customs declarations, commercial invoices, bills of lading. Other documents will be supplemented if requested by the customs office.
Preparing documents before importing a booster pump is extremely important. For original documents such as bills of lading, certificates of origin, the importer must request the seller to deliver the express in advance. Avoid waiting for documents, which can lead to container storage and cargo storage.
5. Procedures for importing booster pumps
The process of importing booster pumps is very specific in Circular 38/2015/TT-BTC dated 25/3/2015 amended and supplemented 39/2018/TT-BTC dated 20/04/2018. We summarize the short descriptive steps so that you can visualize the whole.
Step 1. Customs
declaration After having all import and export documents: Contract, commercial invoice, packing list, sea waybill, certificate of origin, notification of arrival and identification of the booster pump HS code. Then you can enter the declaration information into the customs system via software.
The declaration of customs declaration on customs software. It requires importers to have an understanding of entering data into the software. Do not declare customs declarations on your own when you do not understand this job well. Self-declaration can be easy to get uncorrectable points on the customs declaration. At that time, it will take a lot of money and time to fix.
Within 30 days from the date the goods arrive at the port, the customs declarant must declare the customs declaration. If this time limit is exceeded, the importer must face a fine fee from the customs side.
This is the most important step in the import procedure process for booster pumps. All declaration contents will be pushed to the customs system. If there is an error affecting the tax or origin of the goods. Then the importer may face fines according to the customs law. Therefore, it is necessary to pay attention to the information entered on the declaration such as HS code, tax rate, product name, origin.
Step 2. Open the customs
declaration After completing the customs declaration, the customs system will return the results of the declaration channeling. If there is a declaration flow, print out the declaration and bring the import dossier to the customs sub-department to open the declaration. Depending on the green, yellow and red channels, take steps to open the declaration.
The opening of the declaration must be carried out as soon as possible, within 15 days from the date of declaration of the declaration. The declarant must bring the dossier to the Sub-department of Customs to open the customs declaration. Within 15 days the declaration will be cancelled and you will face a penalty fee from customs.
Note: After having an official declaration, it is necessary to contact the customs sub-department to carry out procedures for importing wet wipes. It is not recommended to leave the declaration for a long time before bringing it down for import procedures.
Step 3. Customs clearance of goods
After checking the dossier, if there are no questions, the customs officer will accept the customs clearance of the declaration. You can now pay import duties on your customs declaration to clear your goods.
In some cases, the declaration will be released to take the goods to the warehouse for storage first. After completing all the dossiers, the customs will proceed to customs clearance of the customs declaration. When the declaration has not been cleared, it is necessary to carry out procedures for customs clearance. If you are overdue, you will face a penalty fee and it will take a lot of time.
Step 4. Bringing goods for preservation and use
of customs clearance declarations, the declaration liquidation step is carried out and necessary procedures are carried out to bring goods to the warehouse. To be able to bring goods to the warehouse, you need to prepare a delivery order in advance, a pick-up slip at the port and arrange a pick-up vehicle. Avoid the situation that the declaration has been completed but there is an order from the shipping line to take the goods out of the port.
Above is the process of stepping through the procedures for importing booster pumps. If you do not understand the steps of the process, please contact us via hotline or hotmail for advice.
6. Notes when importing water pumps
When importing water pumps, you need to pay attention to the following points:
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Import tax is an obligation to be fulfilled to the state;
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VAT on mops is 8%;
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When importing, goods must be labeled according to 43/2017/ND-CP;
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Identify the correct hs code to determine the right tax and avoid penalties;
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It is recommended to buy insurance for goods;
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Prepare a complete import dossier in accordance with the provisions of law;
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Clearly identify the importer and the risks in payment;
If you have difficulties when clearing customs, you can choose Just In Time as a companion.
Just In Time's staff is always enthusiastic to support you to handle your work quickly and professionally.
JUST IN TIME JOINT STOCK COMPANY
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