Introduction
Units and enterprises engaged in processing trade apply to Bank of China located in the competent customs for building margin ledger for materials and parts imported for processing trade depending on formalities approved by the competent customs and in accordance with contract filing amount of materials and parts. Finished products processed are all exported within the specified processing period, and then Bank of China cancels the margin ledger after the customs cancels the contract. If enterprises fail to export finished products immediately or transfer to selling domestically through approval within the processing period specified in the contract, the customs will pursue tax payment combining with taxation departments and Bank of China. For processing trade enterprises fail to apply for cancellation formalities to the customs on due, Bank of China will not build the new ledger for them any more. There are two methods for the ledger building of processing trade enterprises: "real transfer" and "empty transfer".
Functions
The margin ledger system for materials and parts imported for processing trade is a system approved by the State Council, which aims at sufficiently playing roles of such departments as the customs and banks, strengthening comprehensive management, plugging management loophole, preventing and punishing illegal smuggling activities in processing trade channel, ensuring state tax revenue and promoting sound development of processing trade.
Features
1. The State adopts mandatory regulations for processing trade.
2. Bank of China is the exclusive administering bank of this business so far.
3. Handle ledger business depending on the customs contact sheets.
Scope of Application
Enterprises engaged in processing trade.
Charges
The fees shall be charged in accordance with the principles and rates approved by the State Council.
Application Qualifications
1. The applicant shall hold a business license of legal person that has passed the annual inspection or other valid certificates which fully prove its legal operation and scope of business;
2. The applicant shall have an account opening registration certificate;
3. The applicant shall handle ledger business with the customs contact sheets.
Required Documents
1. Information card for bank margin ledger of processing trade
2. The third bill and fourth bill of the Contact Sheet for Building the Bank Margin Ledger issued by the customs (ledger opening business)
3. The third bill and fourth bill of the Contact Sheet for Changing the Bank Margin Ledger issued by the customs (ledger changing business)
4. The original and a counterpart of the letter of guarantee for tax payment issued by the authorized branches of Bank of China (ledger business for issuing letter of guarantee for tax payment)
5. Special bill of payment issued by the customs (ledger tax transferring business)
6. The third bill and fourth bill of the Contact Sheet for Canceling the Bank Margin Ledger issued by the customs, marking "crediting ledger" or "suspending ledger" (ledger crediting and suspending business)
7. The third bill and fourth bill of the Contact Sheet for Canceling the Bank Margin Ledger issued by the customs, marking "normal cancellation" (ledger crediting and suspending business)
8. Other documents required by Bank of China
Kind Reminder
If it is the first time for your enterprises to handle the margin ledger for materials and parts imported for processing trade, you are still required to submit the photocopies of account opening registration certificate approved by the People's Bank of China and issued by the opening bank of basic account.
Process
1. Enterprises build files. The files shall record relevant information of enterprises, and the information shall be updated immediately in case of any change;
2. Open special account of customs margin. Sub-accounts are set up by enterprises engaged in processing trade for management;
3. Collect margin for real transferring ledger. Margin collection may adopt such non-cash methods as transfer, transfer cheque, remittance and bank draft;
4. Ledger opening includes opening of empty transferring ledger, opening of real transferring ledger for tax margin and opening of real transferring ledger for letter of guarantee for tax payment;
5. Change the ledger. It is divided into change of empty transferring ledger, change of real transferring ledger for tax margin and change of real transferring ledger for letter of guarantee for tax payment;
6. Treat margin ledger for transferring tax. For situations excluding interest of tax deferral, Bank of China transfers the principal of margin equal to tax amount into the account specified by the customs in accordance with its instruction after it checks that the principal of margin is enough to pay tax; for situations including interest on deferred customs duty, after it is necessary to forcibly pursue tax and interest on deferred customs duty since enterprise occurs illegal smuggling activities, our bank transfers the principal of margin equal to tax amount and margin interest equal to interest on deferred customs duty into the account specified by the customs in accordance with its instruction.
7. Cancel margin ledger.
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