China Customs Simplifies Approval Formalities for Processing Trade and Shifts Focus to Actual Supervision
China Customs Simplifies Approval Formalities for...
China Tax Alert - Issue 20, July 2014
China's imports and exports benefit significantly from processing trade operations, but the administrative requirements for successfully operating a processing trade enterprise have been commonly perceived to be tedious and time consuming. For this reason, many industries have long been expecting Customs to introduce policies that will simplify the current approval procedures in order to improve efficiency. This is now becoming a reality. Recently, the General Administration of Customs (GAC) made some amendments to the processing trade regulations. These amendments simplify and standardise daily operational procedures with regard to matters such as handbook set up and verification, bonded goods outsourcing and factory transfers. At the same time, they also strengthen Customs’ role in the actual supervision of relevant declaration data and the management of bonded goods. It is important, therefore, for processing trade companies to review the impact of the new regulations on their daily customs operations. Moreover, they should strive to enhance their trade compliance and internal control management capacity accordingly.
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