Entrepot trade does not require a verification form. In the past, verification forms were mainly used for export foreign exchange receipt verification and import foreign exchange payment verification to ensure the authenticity and compliance of foreign exchange revenue and expenditure. However, with the reform of China's trade foreign exchange management system, verification forms have been completely abolished since August 1, 2012.
Entrepot trade refers to the buying and selling of imported and exported goods in international trade, which is not carried out directly between the producing country and the consuming country, but through a third country. Nowadays, when enterprises carry out entrepot trade, they no longer need to handle relevant procedures with a verification form. However, they still need to truthfully declare entrepot trade revenue and expenditure information through the monitoring system in accordance with foreign exchange management regulations to meet the requirements of trade authenticity review. At the same time, relevant transaction documents such as contracts, invoices, and transport documents should be properly retained for inspection by the State Administration of Foreign Exchange and other departments.
Professional consultant answers
Robert ChenYears of service：6Customer Rating：5.0
Customer service consultantConsult
Entrepot trade does not require a verification form. In the past, verification forms were mainly used for export foreign exchange receipt verification and import foreign exchange payment verification to ensure the authenticity and compliance of foreign exchange revenue and expenditure. However, with the reform of China's trade foreign exchange management system, verification forms have been completely abolished since August 1, 2012.
Entrepot trade refers to the buying and selling of imported and exported goods in international trade, which is not carried out directly between the producing country and the consuming country, but through a third country. Nowadays, when enterprises carry out entrepot trade, they no longer need to handle relevant procedures with a verification form. However, they still need to truthfully declare entrepot trade revenue and expenditure information through the monitoring system in accordance with foreign exchange management regulations to meet the requirements of trade authenticity review. At the same time, relevant transaction documents such as contracts, invoices, and transport documents should be properly retained for inspection by the State Administration of Foreign Exchange and other departments.
Sarah ZhangYears of service：8Customer Rating：5.0
Document expertConsult
No need. In the past, verification forms were used to supervise foreign exchange receipts and payments. Now, with the reform of foreign exchange management, there is no such requirement for entrepot trade. Just do a good job in reporting trade data.
Andrew HuangYears of service：7Customer Rating：5.0
Supply chain optimization expertConsult
Entrepot trade does not require a verification form. After the policy change, the process has been simplified. Enterprises are compliant as long as they declare information as required and keep transaction documents properly.
Elizabeth LiYears of service：3Customer Rating：5.0
Compliance and risk managerConsult
No verification form is needed. Entrepot trade now pays more attention to the declaration of trade authenticity. Enterprises should truthfully provide relevant information and documents.
Michelle ChenYears of service：3Customer Rating：5.0
Business coordination consultantConsult
The verification form has been abolished for a long time. For entrepot trade, just complete the corresponding declaration according to the new foreign exchange management requirements.
William YangYears of service：5Customer Rating：5.0
International logistics consultantConsult
Entrepot trade does not require a verification form. Enterprises just need to comply with the current foreign exchange management regulations and make accurate information declarations.
James LiuYears of service：10Customer Rating：5.0
Foreign trade tax refund consultantConsult
No. According to the current foreign exchange policy for entrepot trade, just do a good job in declaring revenue and expenditure information and retain documents for inspection.
David LiYears of service：6Customer Rating：5.0
Senior customs declaration consultantConsult
There is no requirement for a verification form in entrepot trade. The key is to follow foreign exchange management regulations and do a good job in the declaration.
Emily LiuYears of service：10Customer Rating：5.0
Settlement and payment expertConsult
No. After the abolition of the verification form, entrepot trade is compliant by declaring information according to the new regulations and retaining transaction materials.
Joseph ZhouYears of service：10Customer Rating：5.0
Senior foreign trade managerConsult
Entrepot trade does not involve the requirement of a verification form. Enterprises just need to truthfully declare information according to foreign exchange management requirements.