Procedures for importing knives of all kinds

1. Policies on import of knives of all kinds

The process of carrying out procedures for importing knives of all kinds is specified in the following legal documents:

• Circular 38/2015/TT-BTC dated 25/3/2015; amended and supplemented 39/2018/TT-BTC dated 20/04/2018;
• Decree 69/2018/ND-CP dated 15/05/2018;
• Decree No. 43/2017/ND-CP dated 14/4/2017;
• Decree 128/2020/ND-CP dated 19/10/2020;

According to the above-mentioned legal documents. Knives of all kinds are not on the list of goods banned from import and export. The procedure for importing knives of all kinds will proceed normally like other items. For used goods, they are imported in the form of scrap and must have an import permit.

The most important thing when carrying out procedures for importing knives is to determine the HS code. Therefore, determining the HS code accurately, it is possible to determine VAT, import tax, import policies and procedures for importing knives of all kinds.

The next part is a synthesis of hs codes of knives used in gardening, industrial blades, and knives used in households. Stay tuned for the next installment.

2. HS codes of all kinds

Determining the HS code is the most important step when carrying out procedures for importing knives. Identifying the HS code will determine the import tax, VAT and import policy. To determine the correct knife HS code, you need to understand the characteristics of the goods: Material, composition and characteristics of the product.

2.1 HS codes of all kinds

HS (Harmonized System) code is a series of codes that are common to all goods around the world. Between different countries in the world, there is only a difference in the number of tails. Therefore, 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 dao code table.

2.2 Risks of applying the wrong hs code

Determining the correct hs code is very important when carrying out knife import procedures. Identifying the wrong hs code will bring certain risks to you such as:

• Delay in customs procedures: Incorrect declaration of HS codes can lead to delays in customs procedures, as it takes time to check and verify accurate information about the type of goods;
• Shall be fined for incorrectly declaring hs codes according to Decree 128/2020/ND-CP;
• Delayed delivery: If the goods are found to have declared the wrong HS code, the customs authority may request correction or clarification of information. This can lead to delays in the delivery process and affect the production and business cycle of the enterprise;
• 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;

To accurately identify the hs code for a specific type of knife. Please contact the hotline or hotmail for advice.

3. Import tax on knives of all kinds

Import tax is an obligation that the importer must fulfill when importing goods to Vietnam. There are two types of import tax for knife eyes: Value Added Tax and Import Tax. To be able to calculate import taxes, please refer to the calculations below. The tax calculation method when carrying out procedures for importing knives of all kinds is as follows:

Import tax determined according to the import tax hs code is calculated according to the formula:
Import tax = CIF value x % tax rate

Import VAT is determined according to the formula:
Value Added Tax = (CIF Value + Import Tax) x % VAT rate

According to the above formula, it can be seen that the import tax on knives of all kinds depends on the tax rate according to the HS code. In order to get the lowest and most accurate tax rate, it is necessary to determine the correct HS DAO code. Besides, it also depends on whether the shipment has a certificate of origin or not, to enjoy a special preferential tax rate.

For goods imported from countries such as Europe, India, Australia, Chile, China, South Korea, Japan, Asean countries. The importer should ask the seller to provide him with a certificate of origin to enjoy the lowest import tax rate on knives of all kinds.

4. Dossier of import of knives of all kinds

A set of dossiers for carrying out procedures for importing knives of all kinds includes the following documents:

• Customs declaration;
• Sale contract;
• Commercial invoice;
• Packing list;
• Bill of lading;
• Certificate of origin (if any);
• Catalog (if any), and other documents if required by customs;

Above are all documents used for customs clearance procedures of all kinds. The most important are customs declarations, commercial invoices, bills of lading, certificates of origin. Other documents will be supplemented if requested by the customs office. If you have not visualized the dossier to prepare for the procedure of importing knives. Please contact our company's hotline or hotmail for advice.

5. Process of importing knives of all kinds

The procedure for importing knives as well as many other items. It is very specifically stipulated in Circular 38/2015/TT-BTC dated 25/3/2015 amending and supplementing 39/2018/TT-BTC dated 20/04/2018. We summarize the steps in a short description so that you can visualize the big picture.

Step 1. Declaration of 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 HS code. Then the declared information can be entered into the customs system via software.

The declaration of customs declarations on customs software. Importers are required to have an understanding of data entry into the software. Customs declarations should not be filed on your own when you are not familiar with the job. The self-declaration may be wrong in points that cannot be corrected on the customs declaration. At that time, it will take a lot of money and time to fix.

Within 30 days from the date of arrival of goods at the port, the customs declarant must make a 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 process of carrying out knife import procedures. Enterprises that make false declarations will face fines on taxes and origins according to the customs law.

Step 2. Opening the customs declaration After
the customs declaration is completed, the customs system will return the results of the declaration channeling. If there is a flow of declarations, 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, the steps to open the declaration are taken.

The opening of the declaration must be carried out as soon as possible, no later than 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 more than 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 knives. It is not recommended to leave the declaration for a long time before bringing it down for import procedures.

Step 3. Customs clearance of customs declaration 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 the customs declaration to clear the goods.

In some cases, the declaration will be released to bring the goods to the warehouse for pre-storage. After completing the dossier, the customs will proceed to customs clearance of the customs declaration. When the declaration has not yet been cleared, it is necessary to carry out procedures for customs clearance. If you are past the deadline, you will face a penalty fee and it will take a lot of time.

Step 4. If the goods are brought to the warehouse for preservation and use
of the customs clearance declaration, the liquidation of the declaration and the necessary procedures shall be carried out to bring the goods to the warehouse. In order to be able to pick up your goods smoothly, you need to have a full release order, a means of transport and an accepted order for the goods to pass through the monitoring area.

Above are the four steps to carry out the procedure for importing knives. If you do not understand or have questions, please contact the hotline or hotmail for advice.

6. Notes when carrying out procedures for importing knives

When carrying out procedures for importing knives, it is necessary to pay attention to the following points:

• Import tax is an obligation that the importer must fulfill to the state;
• Import tax of knives, when negotiating with the seller, should require the provision of a certificate of origin for tax incentives;
• When importing, goods must be labeled according to 43/2017/ND-CP;
• Determine the correct HS code to determine the correct tax and avoid being fined;
• Goods may only be consumed on the market when the declaration is cleared from customs;
• It is recommended to choose a reputable supplier, choose the right payment method to ensure safety;

If you have difficulties in customs clearance, 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

Address: No. 5, Dong Da, Tan Son Hoa Ward, Ho Chi Minh City.

Hotline: +84 83 9910066

Email: info@justintimevn.com

Facebook: https://www.facebook.com/justintimevn