To further expedite customs clearance for enterprises, Bank of China lately launched the customs guarantee business under the aggregated model in Shanghai, Tianjin, Harbin, Shenyang, Dalian, Qingdao, Guangzhou, Xi'an and other cities.
Under the aggregated model, enterprises can enjoy the convenient service of "clearance first and duty payment later", which means enterprises may pay the duty aggregately and monthly before the fifteenth day of the following month instead of paying per clearance at customs. The duty deferral period is longer than the original guarantee business for electronic payment of duties. Under this model, with the letter of guarantee for customs duties issued by BOC, enterprises can enjoy "clearance first and tax payment later" while customs deduct the guaranteed amount, which can simplify customs clearance procedures, shorten the time of cargoes at the port, fulfill fund circulation for enterprises, and lower the cost of customs clearance.
So far, BOC has recorded a total guarantee amount of over RMB 5 billion for aggregated customs duty guarantee business.
BOC has been vigorously bent on product innovation, developing a wide variety of bank guarantee products (including general duty guarantee, duty payment guarantee for processing trade, and electronic duty payment guarantee), expanding corporate online banking, "swift customs clearance" and other electronic channels to help expedite customs clearance for enterprises, and promote the development of import and export trade.
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