China’s government announced plans to promote the “comprehensive bonded zone” (CBZ) regime.
According to Circular (2019) No. 3 (25 January 2019) released by the State Council, development of CBZs will be promoted with respect to the following five centres:
Circular (2019) No. 3 provides details of 21 implementation measures, including:
Certain of these measures previously were already operating as pilot programs. These measures now will apply for all companies in CBZs.
This promotion of the CBZ regime involves 14 government authorities (including customs, the tax authorities, and foreign exchange administration).
Trade professionals have observed that the trend in China is for other forms of customs special supervision areas (e.g., export processing zones, bonded zones, bonded ports) to be gradually upgraded to CBZs, thus affording companies in customs special supervision areas greater access to more preferential regimes. There may be benefits under the CBZ regime, for instance, with respect to a U.S. company considering plans to establish itself in China for purposes of manufacturing, trade or R&D activities.
For more information, contact a KPMG trade and customs professional in China:
Rachel Tao | +86 21 2212 3473 | email@example.com
Or to learn more about KPMG’s Trade & Customs Services, contact:
John L. McLoughlin
Luis (Lou) Abad
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