Announcement of the State Administration of Foreign Exchange, the General Administration of Customs and the State Administration of Taxation Concerning the Reform of the Foreign Exchange Administration System for Trade in Goods

Announcement of the State Administration of Foreign Exchange, the General Administration of Customs and the State Administration of Taxation Concerning the Reform of the Foreign Exchange Administration System for Trade in Goods

Announcement of the State Administration of Foreign Exchange, the General Administration of Customs and the State Administration of Taxation [2012] No. 1

June 27, 2012

For the purpose of vigorously facilitating the trade and further improving foreign exchange services and administration for trade in goods, the State Administration of Foreign Exchange, General Administration of Customs and State Administration of Taxation decide to reform the foreign exchange administration system for trade in goods, correspondingly adjust export declaration process, and optimize and upgrade the information sharing mechanism on foreign exchange proceeds from export and export tax refund as of August 1, 2012. Relevant issues are hereby announced as follows,

I. Reform the foreign exchange administration mode in the trade in goods.
From the date of the reform, the verification and writing-off bill for foreign exchange proceeds from export (hereafter referred to as the "verification and write-off bill") shall be cancelled, and the enterprises are no longer required to handle the verification and writing-off procedure for foreign exchange proceeds from export. The branches and sub-branches of State Administration of Foreign Exchange (hereafter referred to as the "foreign exchange bureaus") shall change the administrative mode of trade-related foreign exchange of enterprises from the current on-site verification and writing-off on a deal-by-deal basis to off-site inspection of the total sum of foreign exchange of enterprises.
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