GACC Announcement No.18, 2018 on Processing-Trade Deposit Account into Customs Guarantee
[2018-03-01 16:31:16]
In response to the cancel of processing-trade deposit accounting system, this is to announce the requirements on conversion of the deposit account into customs guarantee:
1. After processing-trade deposit account is converted into customs guarantee, enterprise payment of the deposit, including conditions and amount thereof, shall still be subject to MOFCOM-GACC Announcement No. 63 of 2015.
2. Enterprise guarantee may be in the form of security deposit or Letter of Guarantee; regarding one item of business, the guarantee shall be in the same form.
3. In the case of Letter of Guarantee, the enterprise shall submit to the Customs the original Letter of Guarantee issued by certain bank or financial institution, and the Customs shall issue a special receipt to the enterprise; the period of the guarantee shall be 80 days upon the expiration of processing-trade manual.
4. In the case of security deposit, the enterprise shall, as per Customs Payment Note, pay the deposit in RMB to the Customs-designated account and, when getting the deposit, the Customs shall issue a special receipt to the enterprise.
5. Where modification in processing-trade manual has caused increase in the guarantee money or period, the Customs shall conduct alteration of the guarantee contents for the enterprise involved.
6. When processing-trade manual is canceled, the enterprise involved may apply to the Customs for guarantee returning;
In the case of Letter of Guarantee, the enterprise shall apply for the return by presenting special receipt;
In the case of security deposit, the enterprise shall apply for the refund by presenting Customs Payment Note, Deposit Receipt and other proofs.
This Announcement shall enter into force upon its issuance.
General Administration of Customs of China (GACC)
February 13, 2018
1. After processing-trade deposit account is converted into customs guarantee, enterprise payment of the deposit, including conditions and amount thereof, shall still be subject to MOFCOM-GACC Announcement No. 63 of 2015.
2. Enterprise guarantee may be in the form of security deposit or Letter of Guarantee; regarding one item of business, the guarantee shall be in the same form.
3. In the case of Letter of Guarantee, the enterprise shall submit to the Customs the original Letter of Guarantee issued by certain bank or financial institution, and the Customs shall issue a special receipt to the enterprise; the period of the guarantee shall be 80 days upon the expiration of processing-trade manual.
4. In the case of security deposit, the enterprise shall, as per Customs Payment Note, pay the deposit in RMB to the Customs-designated account and, when getting the deposit, the Customs shall issue a special receipt to the enterprise.
5. Where modification in processing-trade manual has caused increase in the guarantee money or period, the Customs shall conduct alteration of the guarantee contents for the enterprise involved.
6. When processing-trade manual is canceled, the enterprise involved may apply to the Customs for guarantee returning;
In the case of Letter of Guarantee, the enterprise shall apply for the return by presenting special receipt;
In the case of security deposit, the enterprise shall apply for the refund by presenting Customs Payment Note, Deposit Receipt and other proofs.
This Announcement shall enter into force upon its issuance.
General Administration of Customs of China (GACC)
February 13, 2018
Source: ETCN
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