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Announcement of the General Administration of Customs and the China Banking and Insurance Regulatory Commission [2018] No. 155 (Announcement on Launching a Pilot Program of Tariff Bonds for Customs Clearance)

Announcement [2018] No. 155

In order to optimize the business environment of port, and improve the level of cross-border trade facilitations, the General Administration of Customs and the China Banking and Insurance Regulatory Commission decided to carry out the pilot reform of customhouse bonds insurance with Customhouse Bonds Insurance "Policy" as the tax guarantee (hereinafter referred to as the "Policy") within the customs territory of the whole country. The relevant matters are hereby announced as below

I. The insurance companies that participate in the pilot program include PICC Property and Casualty Co., Ltd., China Pacific Insurance (Group) Co., Ltd. and BOC Insurance Co., Ltd.

The above-mentioned companies shall, in accordance with regulations, file a customhouse bonds insurance product to the China Banking and Insurance Regulatory Commission.

II. For consignees and consigners with the general credit rating and above, the model of customs clearance for customhouse bonds insurance can be applied.

III. According to Article IV of the Regulations of the People's Republic of China on Customs Affairs-Related Guarantee, the enterprise shall select the model of "customhouse bonds insurance" when handling security for tax payment limit with the "Policy" in declaration, and select the corresponding electronic data of the "Policy". The Customs may release goods at checkpoints onsite if the Customs accepts the declaration and meets all the conditions for release. If there are matters required by the Customs such as inspection without supervision, it shall be handled in accordance with relevant regulations. The enterprise shall, within 10 days from the date of completion of the customs declaration form for the generation of electronic tax payment information, make the tax payment through the new generation of electronic system for customs tax payment in accordance with provisions of Announcement [2918] No. 74 and 117 of the General Administration of Customs. If the tax payment is not paid within the time limit, the Customs may stop the relevant customs clearance for customhouse bonds insurance.

The enterprise shall handle the guarantee of constitutive elements of taxation with the "Policy", still handle it following the existing guarantee process and submit the original "Policy" to the Customs; if the tax payment is not paid within the time limit, the Customs may stop the relevant customs clearance for customhouse bonds insurance.

This announcement shall come into force on November 1, 2018.

The Announcement is hereby issued.

General Administration of Customs China Banking and Insurance Regulatory Commission
October 30, 2018