State Administration of Foreign Exchange General Administration of Customs State Administration of Taxation

 

Announcement on the reform of the foreign exchange management system for trade in goods

 

In order to vigorously promote trade facilitation and further improve foreign exchange services and management of trade in goods, the State Administration of Foreign Exchange, the General Administration of Customs, and the State Administration of Taxation have decided to implement a reform of the foreign exchange management system for goods trade nationwide from August 1, 2012, and correspondingly Adjust the export declaration process, and optimize the information sharing mechanism for export collection and export tax rebates. The announcement is as follows:

    I. Reform of foreign exchange management methods for goods trade

    From the date of the reform, the export receipts verification and cancellation form (hereinafter referred to as the verification form) will be canceled, and the enterprise will no longer go through the procedures for export receipts verification and cancellation. The branch foreign exchange administration of the State Administration of Foreign Exchange (hereinafter referred to as the SAFE) has changed the method of foreign exchange management of enterprises from on-site verification to off-site total verification. Through the foreign exchange monitoring system for goods trade, the foreign exchange bureau comprehensively collects the individual data of the import and export of goods and the foreign exchange receipts and payments of trade, and regularly compares and evaluates the overall matching between the cargo flow and the capital flow of the enterprise to facilitate the foreign exchange receipts and payments of the compliance enterprises; The abnormal enterprises shall carry out key monitoring and conduct on-site inspection if necessary.

 

Implementing dynamic classification management for enterprises The foreign exchange bureau classifies enterprises into three categories: A, B, and C according to their compliance with foreign exchange receipts and payments for trade and their consistency with the import and export of goods. The import payment documents for Class A enterprises are simplified, and foreign exchange receipts, contracts, or invoices, which can prove the authenticity of the transaction, can be used to directly pay foreign exchange at the bank, and there is no need for online verification for foreign exchange collection; The review procedures have been simplified accordingly. The B and C enterprises shall strictly monitor the review of foreign exchange receipts and payments of trade documents, business types, and settlement methods. The B foreign exchange receipts and payments shall be verified by banks with electronic data. The C foreign exchange receipts and payments shall be subject to foreign exchange. The bureau handles each case after registration.

The State Administration of Foreign Exchange makes dynamic adjustments based on the company's compliance with foreign exchange management regulations during the classification supervision period. Class A companies will be downgraded to Class B or C in violation of foreign exchange management regulations; if the compliance status of Class B companies does not improve during the classification supervision period, the classification supervision period will be extended or downgraded to C; Class B, C Enterprises that operate in compliance with laws and regulations during the classification supervision period can be upgraded to Class A after the classification supervision period expires.

 

Third, adjust the export declaration process

From the date of reform, enterprises will no longer provide verification forms when they apply for export declarations.

 

4. Simplified export tax refund certificate

 

Goods that have been declared for export since August 1, 2012 (subject to the export date specified in the Customs' "Export Goods Declaration Form [Exclusive for Tax Rebate], the same below), export companies will no longer provide write-offs when they declare export tax rebates. The tax bureau shall review the export tax rebate of the enterprise in accordance with relevant regulations with reference to the information and classification of foreign exchange receipts provided by the foreign exchange bureau for export.

 

For goods that have been declared for export before August 1, 2012, as of July 31, the deadline for export collection and cancellation of foreign exchange has not expired and has not been written off, export tax rebates shall be processed in accordance with the provisions of the first paragraph of this article.

 

For goods that have been declared for export before August 1, 2012, as of July 31, the deadline for export receipts and write-offs has not been reached, but those that have been written off, and the export receipts and write-offs have reached the deadline, shall be handled in accordance with the relevant provisions of the export tax refund before reform .

 

V. Dealing with overdue export write-offs

 

For goods that have been declared for export before August 1, 2012, the deadline for the export collection and cancellation of foreign exchange has expired as of July 31, and the enterprise should complete the export collection and collection of foreign exchange cancellation procedures no later than July 31. As of August 1, the foreign exchange bureau no longer handles export verification procedures and does not issue verification forms. If an enterprise does need a foreign exchange receipt certificate from the foreign exchange bureau, the foreign exchange bureau shall handle the case with reference to the relevant regulations on the original export exchange receipt verification

 

Strengthening joint supervision of departments

 

Enterprises should strictly abide by relevant regulations, enhance their awareness of integrity, strengthen self-discipline management, and consciously abide by the law. The State Administration of Foreign Exchange, the General Administration of Customs and the State Administration of Taxation will further strengthen cooperation to achieve data sharing; improve the coordination mechanism to form a joint force of supervision; and severely crack down on various illegal cross-border fund flows and smuggling, tax fraud and other illegal acts.

 

This announcement involves specific matters related to foreign exchange management, export declaration, export tax rebate, etc., which shall be separately stipulated by the relevant departments. If the previous regulations conflict with this announcement, this announcement shall prevail. As of August 1, 2012, all laws and regulations listed in the annex to this announcement have been repealed.

 

Special announcement.

 

June 27, 2012