Announcement of General Administration of Customs on the Adjustment of Rate of I

In order to promote the reform and upgrade of processing trade, improve the environment for the development of processing trade, and support the enlargement of domestic demand, with the approval of the State Council, the relevant issues on adjusting the interest rate of tax-deferred interest levied from bonded goods of processing trade for domestic sales are formulated as follows:

(1) The rate of interest on delayed tax payment

The stipulation of rate of interest on tax delayed payment levied from bonded goods of processing trade for domestic sales is temporary adjusted by taking a reference from benchmark interest rate in the same year to follow the demand deposit interest rate of People’s Bank of China.

(2) The collection and calculation formula of rate of interest on delayed tax payment

The rate of interest on delayed tax payment on processing trade shall be collected by the day according to the latest interest rate released by General Administration of Customs when filing the letter of payment of customs tariffs. The calculation formula of interest on delayed tax payment is stipulated as follows:

The interest on delayed tax payment=amount of tax * time limit for interest rate collection * rate of interest on tax delayed payment/360
This announcement shall be in effect on the date of promulgation, and the former one is abolished simultaneously.