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The State Administration of Taxation has published on its website the Notice on the Relevant Matters Concerning the Tax Rebate (Exemption) of Cross-border Trade in Renminbi Settlement of Exported Goods. The document states that when the pilot enterprise declares the tax refund (exemption) for export goods in the form of cross-border trade settlement by RMB, it is not necessary. Provide the export collection and verification verification form, but report it separately to the competent tax authority. If it is declared together with other export goods, the customs declaration form for cross-border trade RMB settlement export goods shall be marked in the declaration form.
Technical barriers such as customs declaration and application for export tax rebate have led to the cold of the pilot settlement of cross-border trade in RMB, which is the main reason for the State Administration of Taxation to issue a simplified export tax refund procedure.
According to media reports, cross-border trade renminbi settlement began in early July. So far, most banks in pilot cities such as Guangzhou and Shenzhen have only conducted the first day of the pilot business for more than a month.
Li Bo, the director of the Central Bank's Department of Law and Law, said in an interview with the Chinese government website that in addition to the relatively new business and limited pilot areas, some supporting systems and policies are being elaborated and not fully introduced, which is also an important reason for the business to be cold.
Taking the export tax rebate as an example, unlike the export tax rebate management of foreign exchange settlement, the pilot enterprises do not require the export receipt verification form when handling the export tax rebate, nor do they require the payment to be remitted into the country.
The means of not including the foreign exchange write-off when conducting cross-border trade settlement in RMB is an advantage, which can help the company to eliminate the steps. However, the prerequisite for handling the export tax rebate is the need for a verification form. If there is no verification form, the export tax refund cannot be processed.
In the above notice issued by the State Administration of Taxation yesterday, it was clarified that after the tax authorities in the pilot area accepted the tax refund (exemption) for export goods in the form of RMB settlement of cross-border trade, they will no longer review the verification of export receipts and compare relevant information, and export tax rebates. The suspected points related to the export receipt verification form generated in the audit system can be manually skipped.
However, this also poses a challenge to the management of the taxation department. Zheng Jianxin, deputy director of the Ministry of Finance and Taxation of the Ministry of Finance, said in an exclusive interview with the Chinese government network that according to actual business requirements, the pilot enterprises can deposit the RMB income of the export abroad. This approach has facilitated export enterprises, but it has also increased the difficulty of export tax rebate management, which may lead to the risk of export tax fraud.
To this end, the above notice requires that for pilot enterprises involved in balance of payments transactions, the tax authorities may require pilot enterprises to provide relevant data and materials, establish a ledger system, strengthen follow-up and follow-up supervision, and, if necessary, require pilot enterprises to provide relevant information. Written instructions and the banking department to provide data and information on cross-border trade settlements of pilot enterprises for comparative analysis.
According to the State Administration of Taxation, according to the “Measures for the Administration of Cross-border Trade RMB Settlement Pilotâ€, the State Administration of Taxation and the People’s Bank of China and other relevant departments are stepping up efforts to establish a pilot information transmission mechanism for cross-border trade RMB settlement, and will set up cross-border trade RMB settlement for pilot enterprises as soon as possible. Relevant data is distributed to various places and used for export tax rebate early warning assessment.
The State Administration of Taxation requires that the tax authorities in each pilot area should actively support the pilot work of RMB settlement of cross-border trade. On the one hand, on the basis of strict audit, timely and accurately handle the tax refund (exemption) of export goods; on the other hand, it is necessary to strengthen the relevant business of pilot enterprises. Daily management and early warning assessment work to prevent fraudulent taxation. Where an abnormal export business is found during the audit, the tax refund (exemption) of the exported goods shall be suspended. After the relevant problems are verified, they shall be dealt with according to the law. (Author: Xiong Jianfeng)
In response to the cold reception of cross-border trade renminbi settlement for more than a month, the State Administration of Taxation has recently introduced measures to simplify the export tax rebate procedures for pilot enterprises of cross-border trade renminbi settlement (hereinafter referred to as “pilot enterprisesâ€).