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30 Jan 2018

China Customs Duty Deposit Replaced by Formal Guarantee Agreement

As of 2 February this year, businesses will no longer be obliged to make an upfront payment of customs duty deposits. Instead, they can register a Custom Services Guarantee, a written commitment to paying all future duties as they come due.

In line with this, once a business has completed the relevant Customs Service Guarantees, they no longer need to maintain a dedicated bank account for customs duty deposits. In the case of any deposits that have already been paid, the enterprise concerned can reclaim the sum (plus any interest) upon production of the relevant receipts at their local customs office.

The change was outlined in a recent circular issued by China’s General Administration of Customs (GAC) – Announcement on Issues Relating to the Handling of Relevant Business Upon the Complete Abolition of the Customs Duty Deposit System for Processing Trade After the Transitional Period.

For further details (in Chinese), please visit the following links:

Announcement on Issues Relating to the Handling of Relevant Business Upon the Complete Abolition of the Customs Duty Deposit System for Processing Trade After the Transitional Period (GAC Announcement No. 62 [2017])

Announcement on Abolishing the Bank Guarantee Deposit System for Processing Trade (Joint Announcement of the GAC and Ministry of Commerce No. 33 [2017])
Content provided by Picture: HKTDC Research
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