Introduction
It is the written guarantee issued to the customs by Bank of China to guarantee that taxpayers pay the accrued tax at maturity to it within the specified period, in accordance with the No. 40 announcement issued by the General Administration of Customs in 2005 and other relevant regulations, in order to meet taxpayers' requirements of online payment businesses for releasing goods before paying customs tax.
Functions
Realize the dual convenience of paying customs tax online and "tax payment after customs clearance" under the situation of not occupying capital.
Features
1. Reduce capital occupation due to cash margin payment to maximally utilize the capital;
2. Improve the commercial credit of enterprises;
3. Simplify formalities of customs declaration for enterprises;
4. Facilitate tax deferral.
Scope of Application
Customers who need import and export customs declaration.
Application Qualifications
1. The applicant shall have the qualification to engage in underlying transactions;
2. The applicant shall maintain good credit standing without any bad record;
3. The applicant shall have sufficient credit line or be able to pay sufficient margin necessary for issuing the letter of guarantee;
4. The applicant shall possess real relationship of transactions that meets Bank of China's requirements on business compliance;
5. "Online customs declaration", the Service Agreement for Online Duty Payment signed among the customer, the bank, local customs and E-port.
Process
1. The customer submits application for letter of guarantee and relevant documents;
2. Bank of China reviews the documents and issues the letter of guarantee;
3. Bank of China charge guarantee fees;
4. Bank of China amends the letter of guarantee;
5. Bank of China makes compensation against the letter of guarantee or cancels the letter of guarantee.
Case
A Company is an enterprise operating import and export businesses, having large amounts of goods to go through formalities for import and export customs declaration. In order to improve work efficiency, simply formalities of declaration and tax payment between the customs and bank teller, and enjoy the preferential policies of releasing goods 15 days before paying customs tax, it prefers the "E-taxation Guarantee" of Bank of China. Bank of China issues e-taxation guarantee to the customs for the company, to make it realize the "24/7" policy of online tax payment after customs clearance within the validity period, which greatly facilitates its customs declaration.
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