Nov. 4 – China’s General Administration of Customs has made an amendment to the Measures for Customs’ Supervision over and Administration of Processing Trade Goods, which will be effective December 5, 2010.
The amendment addresses the storage of trade goods – non-processing and processing. Processing trade goods, which are raw materials for use to assemble and finish products, and non-processing trade goods now must be separately stored.
Both categories of goods must also be filed with customs and kept on record, and must be stored at different facilities. Moreover, companies that wish to change the storage location of their processing trade goods must put in a request and obtain approval from the General Administration of Customs.
This amendment adds extra administrative processes for enterprises importing trade goods.
Establishing Trading Companies in China and Obtaining Import-Export Licenses
Requirements for registering with customs, implications of VAT taxpayer status and registered capital issues. US$10