Doubtful about the trade format, asking if trade between Macao and the mainland counts as re-export trade. The best answer states that the mainland and Macao both belong to China, and under normal circumstances, trade between them is not re-export trade. Re-export trade requires goods to be transshipped in a third country or region, and this location is neither the place of production nor final consumption. Most trade between Macao and the mainland is regional cooperation and does not meet the definition of re-export trade.
Does Re-export Trade Require Verification Forms? Find Out Now!
Resolved
My company recently plans to engage in re-export trade operations, and we haven't dealt with this before. I'd like to ask if re-export trade requires verification forms? I heard that in the past, import and export trade used verification forms to verify trade transactions, but policies are constantly changing. I'm unsure about the specific regulations for re-export trade in this regard. I hope knowledgeable friends can help answer this. Thank you very much!
Trade Expert Insights Answers
Anthony LuoYears of service：10Customer Rating：5.0
Trade Compliance ExpertStart a Chat
Re-export trade does not require verification forms. In the past, verification forms were mainly used for export proceeds verification and import payment verification to ensure the authenticity and compliance of foreign exchange receipts and payments. However, with the reform of China's trade foreign exchange management system, verification forms were completely abolished starting August 1, 2012.
Re-export trade refers to the buying and selling of imported and exported goods in international trade, which is not conducted directly between the producing and consuming countries, but through a third country. Currently, when enterprises engage in re-export trade, they no longer need verification forms to handle related procedures. However, they still need to truthfully report re-export trade income and expenditure information through the monitoring system, in accordance with foreign exchange management regulations, to meet the requirements for trade authenticity verification. At the same time, relevant transaction documents such as contracts, invoices, and shipping documents must be properly retained for inspection by the foreign exchange administration and other departments.
Linda GuoYears of service：3Customer Rating：5.0
Trade Dispute MediatorStart a Chat
No, it's not needed. Previously, verification forms were for regulating foreign exchange receipts and payments. Now, with foreign exchange management reform, re-export trade has no such requirement. Just ensure proper trade data declaration.
David ChenYears of service：10Customer Rating：5.0
Trade Compliance AdvisorStart a Chat
Re-export trade does not require verification forms. Policies have changed to simplify procedures, and enterprises comply by reporting information as required and retaining transaction documents.
Michael ZhangYears of service：10Customer Rating：5.0
Customs Clearance SpecialistStart a Chat
Verification forms are not required. Re-export trade now focuses more on truthful declaration of trade authenticity, and enterprises must truthfully provide relevant information and documents.
Olivia LiuYears of service：6Customer Rating：5.0
Foreign Exchange Risk ManagerStart a Chat
Verification forms were abolished long ago. For re-export trade, according to new foreign exchange management requirements, only the relevant declarations need to be completed.
Daniel KimYears of service：4Customer Rating：5.0
Commodity Inspection and Quarantine ConsultantStart a Chat
Re-export trade does not require verification forms. Enterprises only need to comply with current foreign exchange management regulations and ensure declared information is accurate.
Emma ZhaoYears of service：3Customer Rating：5.0
Export Documentation SpecialistStart a Chat
No, it's not needed. For re-export trade, according to current foreign exchange policies, just properly declare income and expenditure information and retain documents for inspection.
Thomas LiYears of service：7Customer Rating：5.0
Import Licensing AdvisorStart a Chat
Re-export trade has no verification form requirement. The key is to follow foreign exchange management regulations and complete declarations properly.
Kevin HuangYears of service：3Customer Rating：5.0
E-Commerce Export AdvisorStart a Chat
No, it's not needed. After verification forms were abolished, re-export trade complies by reporting information according to new regulations and retaining transaction data.
Sophia WangYears of service：6Customer Rating：5.0
International Logistics CoordinatorStart a Chat
Re-export trade does not involve verification forms. Enterprises only need to truthfully declare information according to foreign exchange management requirements.