Is the declaration process of entrepot trade income complicated? How should it be operated?
Solved#Entrepot trade#
Our company has recently been involved in the entrepot trade business and has now received the corresponding income. We don't know how to declare it. I heard that the declaration process is quite complicated and involves many regulations and details. I'd like to ask everyone, how exactly should the entrepot trade income be declared? What materials need to be prepared and what specific processes should be followed? I hope that experienced friends or professionals can explain it to me in detail. Thank you.
Professional consultant answers
Joseph ZhouYears of service：10Customer Rating：5.0
Senior foreign trade managerConsult
The declaration of entrepot trade income is generally carried out in the following steps. Firstly, it is necessary to confirm the authenticity of the trade and prepare materials such as contracts, bills of lading, invoices, etc. that can prove the actual occurrence of the entrepot trade business. Secondly, after the goods are declared for export, the enterprise should declare through the Application Service Platform of the State Administration of Foreign Exchange within the stipulated time. When declaring, accurately fill in the transaction code and remarks. The general transaction code for entrepot trade income is "121010", and the remarks can indicate "Sales income of entrepot trade goods".
Moreover, the bank will review the materials submitted by the enterprise, and the declaration process is completed only after the review is passed. If the declared information is incorrect, it may lead to problems such as blocked receipt of foreign exchange. Therefore, it is necessary to ensure that the materials are true and accurate and the information is filled in a standardized manner.
Andrew HuangYears of service：7Customer Rating：5.0
Supply chain optimization expertConsult
Remember to distinguish the differences between the declaration of general trade and entrepot trade. The key point of entrepot trade is to prove that the goods have not actually entered or exited the country, and the relevant logistics vouchers are very important.
William YangYears of service：5Customer Rating：5.0
International logistics consultantConsult
Don't miss the declaration time. Generally, declare as soon as possible after receiving the payment to avoid unnecessary troubles caused by overdue.
Robert ChenYears of service：6Customer Rating：5.0
Customer service consultantConsult
Keep the declaration materials well for possible subsequent inspections. Materials such as contracts and invoices should be kept intact.
James LiuYears of service：10Customer Rating：5.0
Foreign trade tax refund consultantConsult
You can communicate with the bank in advance to understand the specific requirements and details required for the declaration, so as to avoid detours.
Amanda YangYears of service：3Customer Rating：5.0
Cost control consultantConsult
Be familiar with the operation of the online declaration system. If you are not familiar with it, you can first read the system operation guide or consult the relevant departments.
Sarah ZhangYears of service：8Customer Rating：5.0
Document expertConsult
Pay attention to the changes in foreign exchange management policies. Policy adjustments may affect the declaration requirements and processes.
Jennifer WangYears of service：4Customer Rating：5.0
Market development consultantConsult
If you are not sure about the transaction code, be sure to verify it clearly, otherwise the declaration is prone to errors.
Michelle ChenYears of service：3Customer Rating：5.0
Business coordination consultantConsult
Fill in the remarks clearly and accurately to reflect the nature of the business and facilitate the review.