State Administration of Foreign Exchange, Circular on the Pilot Policy of Introducing Overseas Deposit of Export Revenue in Certain Regions

国家外汇管理局关于在部分地区开展出口收入存放境外政策试点的通知

October 13, 2010 | BY

clpstaff &clp articles &

Export revenue allowed to be retained abroad.

Clp Reference: 3800/10.08.27 Promulgated: 2010-08-27 Effective: 2010-10-01

Issued: August 27 2010
Effective: October 1 2010
Interpreting authority: State Administration of Foreign Exchange

Applicability: Where previous provisions are in conflict with these provisions, these provisions shall prevail (Article 21 of the appendix).

These provisions shall not apply to individuals with foreign trade operation rights, and enterprises in bonded and supervised zones (Article 19 of the appendix).

Main contents: According to the Circular, the pilot project for depositing export revenue overseas shall be conducted in Beijing, Guangdong (including Shenzhen), Shandong (including Qingdao) and Jiangsu regions from October 1 2010 for one year. The total number of enterprises participating in the pilot project as determined by each local foreign exchange bureau shall not exceed 10.

The Circular includes the measures for the pilot project in its appendix. The scope of expenditure for overseas accounts shall include:

(1) expenditure for trade in goods;

(2) fees associated with trade activities such as commissions, and carriage and insurance, and fees for contracted overseas projects;

(3) routine administration fees of banks; and

(4) capital account related expenditure approved by, or registered with, the foreign exchange bureau (Article 7).

clp reference:3800/10.08.27promulgated:2010-08-27effective:2010-10-01

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