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China Allows Customs Duty Deposit Payment by
Letter of Guarantee |
On 5 September 2007, the Ministry of Commerce (MOFCOM), General Administration of Customs (GAC) and China Banking Regulatory Commission issued Announcement No. 71, allowing enterprises engaging in processing trade to pay customs duty deposits by cash, letter of guarantee or several other methods.
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According to Announcement No.44 issued by MOFCOM and GAC on 23 July 2007, enterprises in the eastern region engaging in the processing trade of products under the restricted category are required to make "actual payment" of customs duty deposits. Announcement No.71 further specifies the payment methods of custom duty deposits.
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