Expanded scope of RMB settlement and tax exemption
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On April 6, the State Administration of Taxation announced that the Ministry of Finance and the State Administration of Taxation have jointly issued a new policy. This policy extends the existing tax exemption and refund measures for small-scale border trade exports from Yunnan to other border provinces and autonomous regions, as well as neighboring countries. The initiative covers both general trade and pilot border trade activities.
According to the notice, all export enterprises registered in the administrative regions of Inner Mongolia, Liaoning, Jilin, Heilongjiang, Guangxi, Xinjiang, Tibet, and Yunnan (autonomous region) are now eligible for the full tax refund policy. This applies when goods are exported through designated land ports to neighboring countries, either via general trade or small-scale border trade. The goods must be settled in RMB through bank transfers.
The foreign exchange administration will issue a verification form for these exports. When an enterprise declares customs, it must submit this verification form along with documents related to receipt and collection. Failure to provide the required form on time may affect the company’s foreign exchange verification and tax rebate process, and the enterprise will be held responsible for any resulting issues.
It is important to note that goods settled in RMB cash do not qualify for the tax rebate policy. The new regulation will take effect from March 1, 2010. The exact implementation date will be determined based on the export time indicated on the customs declaration form specifically used for tax rebates.
This policy aims to promote trade along China's borders and simplify procedures for exporters, encouraging more businesses to engage in cross-border trade with neighboring countries. It also reinforces the use of the RMB in international transactions, supporting the broader goal of financial integration and economic cooperation in the region.