On August 30, 2019, the Ministry of Finance in Vietnam issued Circular No. 60/2019/TT-BTC to amend a number of provisions under Circular No. 39/2015/TT-BTC in relation to customs valuation.
The circular addresses three areas of change:
- Details for customs valuation and cost allocation for exported goods;
- Customs valuation for imported equipment with operating system software and imported carrier media having application software;
- Customs valuation of borrowed goods.
Additionally, the circular highlights the importance of supporting backup documentation for applying the transaction valuation method.
The changes are effective October 15, 2019.
The full contents of Circular No. 60/2019/TT-BTC can be found at the following URL (in Vietnamese): https://www.customs.gov.vn/Lists/VanBanPhapLuat/Attachments/12275/60-2019-TT-BTC.pdf
A summary of the circular in English can be found here: https://www.customs.gov.vn/Lists/EnglishNews/ViewDetails.aspx?ID=702&Category=News%20and%20Events&language=en-US