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Firms in Shanghai FTZ allowed to open guarantee bank accounts
Online Edition
SHANGHAI customs has allowed enterprises in the city’s pilot Free Trade Zone to open guarantee bank accounts for tax payment, in a latest move to streamline customs clearance process.
With margin deposit in the account and the letter of guarantee issued by banks, account holders are able to make delivery of goods before tariff payment.
By connecting margin management systems of the customs and the banks, the customs authority can implement integrated management of margins.
The account will withhold certain amount of margins when goods are transferred outside the zone without duty payment. The margin will be automatically recovered as soon as duty payment is settled.
Bank of China, Bank of Communications, China Minsheng Bank, China Merchants Bank and Bank of Shanghai are among the first batch of banks to operate such accounts for zone-based enterprises.
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