Entrepot trade does need to be declared. The declaration of entrepot trade mainly involves two aspects: goods trade and balance of payments.
In terms of goods trade, although the goods do not enter the country's customs territory, relevant information such as transportation tools and goods information needs to be declared to the customs. For example, a detailed list of goods needs to be provided, including information such as name, quantity, value, and place of origin. Declare to the customs where the goods actually enter or leave the country.
In terms of balance of payments, enterprises need to declare the situation of capital receipt and payment of entrepot trade to the foreign exchange management department. Relevant balance of payments declaration forms need to be filled out, truthfully declaring elements such as the nature of the transaction, amount, and counterparty.
The declaration process is not overly complicated for enterprises familiar with the business, but it may seem cumbersome for the first-time operators. Enterprises need to prepare various trade contracts, invoices, transport documents and other documents in advance, and submit declaration materials to the customs and foreign exchange management department according to the specified process.
Professional consultant answers
Jennifer WangYears of service：4Customer Rating：5.0
Market development consultantConsult
Entrepot trade does need to be declared. The declaration of entrepot trade mainly involves two aspects: goods trade and balance of payments.
In terms of goods trade, although the goods do not enter the country's customs territory, relevant information such as transportation tools and goods information needs to be declared to the customs. For example, a detailed list of goods needs to be provided, including information such as name, quantity, value, and place of origin. Declare to the customs where the goods actually enter or leave the country.
In terms of balance of payments, enterprises need to declare the situation of capital receipt and payment of entrepot trade to the foreign exchange management department. Relevant balance of payments declaration forms need to be filled out, truthfully declaring elements such as the nature of the transaction, amount, and counterparty.
The declaration process is not overly complicated for enterprises familiar with the business, but it may seem cumbersome for the first-time operators. Enterprises need to prepare various trade contracts, invoices, transport documents and other documents in advance, and submit declaration materials to the customs and foreign exchange management department according to the specified process.
Elizabeth LiYears of service：3Customer Rating：5.0
Compliance and risk managerConsult
Entrepot trade definitely needs to be declared. Otherwise, how can the legality of the trade be proved? It is mainly declared to the customs and the foreign exchange bureau. The customs needs to be informed of the goods information, and the foreign exchange bureau needs to be informed of the capital transactions. Just prepare the documents and follow the process.
David LiYears of service：6Customer Rating：5.0
Senior customs declaration consultantConsult
Of course it needs to be declared. When the goods are in transit, the status of the goods and other situations need to be declared to the transit customs, and the capital flow also needs to be declared. Otherwise, there will be problems with foreign exchange management. Just prepare the declaration materials carefully and don't miss anything.
Sarah ZhangYears of service：8Customer Rating：5.0
Document expertConsult
Entrepot trade must be declared. Otherwise, issues regarding taxation and foreign exchange management cannot be handled in a compliant manner. Declare the goods to the customs and the capital to the foreign exchange bureau. Prepare the documents as required and consult the relevant departments if you don't understand.
William YangYears of service：5Customer Rating：5.0
International logistics consultantConsult
It needs to be declared. Both the goods and the funds involved need to be declared. Declare the detailed information of the goods to the customs and the capital flow to the foreign exchange management department. Follow the declaration process step by step as required. It's not difficult.
Joseph ZhouYears of service：10Customer Rating：5.0
Senior foreign trade managerConsult
It definitely needs to be declared. This is a necessary step to standardize the trade process. Declare the goods-related matters to the customs and the capital to the foreign exchange bureau. Understand the declaration requirements in advance and prepare the materials.
Emily LiuYears of service：10Customer Rating：5.0
Settlement and payment expertConsult
Entrepot trade needs to be declared. It needs to be reported to both the customs and the foreign exchange management department. Clearly state the goods information and capital flow direction, and prepare materials such as contracts and invoices.
Robert ChenYears of service：6Customer Rating：5.0
Customer service consultantConsult
It must be declared. Declare the goods dynamics to the customs and the capital transactions to the foreign exchange management department. Submit the materials according to the rules and the declaration can be completed.
Michelle ChenYears of service：3Customer Rating：5.0
Business coordination consultantConsult
Entrepot trade needs to be declared. Declare the goods and funds to the customs and the foreign exchange bureau respectively, and just submit various documents as required.
Andrew HuangYears of service：7Customer Rating：5.0
Supply chain optimization expertConsult
It needs to be declared. Declaration can ensure the smooth progress of trade. Declare to both the customs and the foreign exchange department, and prepare the declaration materials as required.