GACC Announcement No.62, 2017 on Processing-Trade Deposit Account System Cancel

[2017-12-26 09:47:19]

In order to meet State Council requirements for canceling processing-trade bank-deposit account system, hereby announced is relevant matters when the transitional period is over as prescribed by GACC-MOFCOM Announcement No.33 of 2017:

1. The “real deposit account system” item shall transform into Customs guarantee item. The processing-trade enterprises will not be required to keep their deposit account with the banks and will be required to undertake Customs guarantee formalities.

2. As regards the deposit-based guarantee, when the guarantee is dissolved, the processing-trade enterprises may apply to their governing Customs for refunding their deposit and interests thereof; the interest rates shall be demand benchmark rates promulgated by the People’s Bank of China; the interest starting date shall be the date on which the deposit is paid to the designated account of the Customs, and its deadline shall be the date on which the refund notice is issued by the Customs.

This Announcement shall enter into force on 2 February 2018.

General Administration of Customs of China (GACC)
December 14, 2017
Source: China Customs