Import and export on consignment

What is entrusted import/export ? This article will focus on the entrusted import/export process, entrusted import/export services, and relevant circulars and decrees guiding entrusted import/export.

WHAT IS IMPORT-EXPORT TRUST?

Import and export under entrustment, also known as entrusted import and export. According to Article 16 of Decree No. 187/2013/ND-CP dated November 20, 2013, the following is stipulated:

"Traders may entrust other traders with the export or import of goods, or receive entrustment from other traders for the export or import of goods, except for goods on the List of goods prohibited from export, temporarily suspended from export, or the List of goods prohibited from import, temporarily suspended from import."

Therefore, import and export consignment is when one business (individual or organization) entrusts another business to handle the import and export procedures for goods that are not on the list of prohibited imports and exports.

There are many reasons why importers and exporters may not want or be able to handle import and export procedures themselves. Therefore, using a consignment service is an option that the consignor can use to import goods.

CHARACTERISTICS OF TRUSTED IMPORT AND EXPORT

Import and export consignment has the following characteristics:

• Import and export consignment is a commercial contract. The consignee issues an invoice to the consignor and receives a service fee.
• The consignor is fully responsible for the legality of the goods.
• The principal is obligated to pay import duties. This can be done through the agent.
• The delegation of authority will not change the fundamental nature of customs clearance procedures for goods.
• The consignee cannot declare taxes on the consigned shipment. Only the consignment service invoice needs to be declared for tax purposes.

These are the main characteristics of import and export consignment. If you discover any other characteristics, please let us know so we can improve this article.

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