Rules for Implementation of the Guidelines on Foreign Exchange Administration for Trade in Services.docx
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RulesforImplementationoftheGuidelinesonForeignExchangeAdministrationforTradeinServices
AppendixII:
RulesforImplementationoftheGuidelinesonForeignExchangeAdministrationforTradeinServices
Article1TheRulesforImplementationoftheGuidelinesonForeignExchangeAdministrationforTradeinServices(theRules)areherebyformulatedinaccordancewiththeGuidelinesonForeignExchangeAdministrationforTradeinServices(theGuidelines).
Article2TheRulesshallbeapplicabletopaymentsandreceiptsofforeignexchangeunderthecurrentaccountfortradeinservices,returns,andtransfersunderthecurrentaccountwiththeexceptionoftradeingoods(hereinafterreferredtoaspaymentsandreceiptsofforeignexchangefortradeinservices).
Article3InstitutionsandindividualsinChinashallreporttheirpaymentsandreceiptsofforeignexchangefortradeinservicesinaccordancewiththeregulationsforreportingthebalanceofpayments.
FinancialinstitutionsshallverifythereportingdocumentsubmittedbyaninstitutionorindividualinChinatotheirlocalforeignexchangeadministrationbureauinaccordancewiththeregulationsforreportingthebalanceofpaymentsandArticle14hereunder.
Chapter1VerificationofForeignExchangeReceiptsandPayments
Article4Whenprocessingpaymentsandreceiptsofforeignexchangefortradeinservices,afinancialinstitutionshallverifytheauthenticityofthetransactiondocumentsandtheirconsistencywiththepaymentsandreceiptsofforeignexchangeinaccordancewiththeGuidelinesandtheRules.
Wherethetransactiondocumentsverifieddonotprovethatthetransactionsarerealandlawfulortheyareinconsistentwiththepaymentsandreceiptstobehandled,thefinancialinstitutionshallrequiretheinstitutionorindividualinChinatosubmitsupplementarytransactiondocuments.
Financialinstitutionsshalldemonstratetheircommitmentinanappropriateway,basedonfullyunderstandingtheirclientsandbusinesses.
Article5FinancialinstitutionsshallusetheGuidelinesandtheRulestoregulatetheiroperationsandtoexecutetheGuidelinesandtheRulesintheirdailyoperations.
Article6WhenprocessingpaymentsorreceiptsofforeignexchangeofmorethanUSD50,000ortheequivalentinotherforeigncurrencies,afinancialinstitutionshallverifyandretainthefollowingtransactiondocuments:
1.Underinternationalforwarding:
transportationinvoicesortransportationdocumentsorlists;
2.Underinternationallaborservicecooperationandinternationalengineeringcontracting:
contracts(agreements)andlaborservicebudgetstatements(engineeringbudgetstatementsorengineeringsettlementstatements);
3.Paymentsofforeignexchangeforpre-projectcostsfortradeinservicespriortotheexecutionofaninternationalengineeringcontractingcontract:
anapplication(includingbutnotlimitedtothebudgetforthepre-projectcosts,dateofexpiration,andtherelationshipbetweentheoverseaspayeeandthedomesticinstitution).DomesticinstitutionsshalltransfertheremainingforeignexchangebacktoChinaontime;
4.Paymentsofroyaltiesandlicensingfees:
contracts(agreements)andinvoices(paymentorders);
5.Paymentsofforeignexchangeunderprofits,dividends,andbonuses:
auditreportsfromCPAfirmsfortherelevantreportingyears,theboard’sresolutionsonprofitdistributionsandthelatestcapitalverificationreport.Domesticinstitutionscanpayoverseasshareholdersinterimdividendsandbonusesaccordingtothelaw;
Paymentsofforeignexchangeunderprofitsforforeignpartnersofforeign-fundedpartnershipenterprises:
proofofregistrationconfirmingthecapitalsubscriptionbytheforeignpartnersandtheprofitdistributionresolution,ofwhichtheformerdocumentcanbeprintedbyafinancialinstitutionfromtherelevantsystemofthelocalforeignexchangeadministrationbureau;
Receiptsofforeignexchangeunderprofits,dividends,andbonuses:
profitdisposalresolutionsandfinancialstatementsofoverseasinstitutionsfortherelevantyears;
6.Underofficeexpendituresofrepresentativeoffices(offices):
expenditurebudgetstatements;
7.Undertechnologyexportsandimports:
contracts(agreements)andinvoices(paymentorders).Forimportsandexportsofrestrictedtechnologies,aninstitutionorindividualinChinashallalsoprovideaLicenseforTechnologyImportsandExportsissuedbythecommercialauthorities;
8.Underinternationalrepayments:
originaltransactioncontracts,repaymentagreements(repaymentprovisions),andrelevantnotesorevidenceoftheentirerepaymentprocess;ortheverdictbyahearingcourt,anarbitrationawardfromanarbitrationbody,orconciliationstatementfromaconciliationbody;
9.Underdisbursedoramortizedfeesfromanaffiliatedforeignordomesticinstitutionfortradeinservices:
theoriginaltransactioncontracts,disbursementoramortizationcontracts(agreementsornotes),invoices(paymentorders),withtheadvanceoramortizationperiodnolongerthan12(twelve)months;
10.Returnofremittancesundertradeinservices:
transactiondocumentsinlinewiththenatureoftheinboundandoutboundremittanceandnotesorevidencefortheentirereturnoftheremittanceprocess,withtheremittancereturnedthroughtheoriginalchannelandtheamountreturnednomorethantheoriginalamountremitted;
11.Paymentsandreceiptsofforeignexchangeunderothertradeinservices:
contracts(agreements),orinvoices(paymentorders),orotherrelatedtransactiondocuments.
Article7InprocessingapaymentofforeignexchangeofmorethanUSD50,000(ortheequivalentinotherforeigncurrencies)fortradeinservices,afinancialinstitutionshouldalsoconsulttheAnnouncementofIssuesonTaxRecordFilingsforPaymentsinForeignExchangeforTradeinServices(AnnouncementNo.40,2013)jointlyissuedbytheStateAdministrationofTaxationandtheStateAdministrationofForeignExchange(SAFE).
Article8IntheoryareceiptorpaymentofforeignexchangeofUSD50,000orless(ortheequivalentinotherforeigncurrencies)canbeprocessedbyafinancialinstitutionwithoutdocumentverification.Butifthenatureoftheforeignexchangetobepaidorreceivedisuncertain,afinancialinstitutionshallrequireaninstitutionorindividualinChinatosubmitthetransactiondocumentsforverification.
Article9Inprovidingdomesticforeignexchangetransferservicesfortradeinservices,afinancialinstitution,thedesignatedpayer,shallverifyandkeepthefollowingdocuments:
1.Transferringfreightorrelatedfeestointernationalforwardersorforwardingagentsfromdomesticinstitutions:
invoices;
2.Transferringengineeringfeesunderinternationalcontractedengineeringtosubcontractorsfromageneralcontractor:
subcontractingcontractsandinvoices(paymentorders);
Transferringengineeringfeestoothermembersunderaninternationalengineeringcontractingconglomeratefromadesignatedpayerandreceiverundertheconglomerate:
therelatedcontractsandinvoices(paymentorders);
3.Transferringrelatedfeesunderserviceoutsourcingtosubcontractorsfromageneralcontractor:
subcontractingcontractsandinvoices(paymentorders);
4.Returningrelatedadvancesunderpaidoverseastravelstoindividualsfromadomesticinstitution:
documentsfortherelatedfeesorexpensestatements;
5.Domestictransfersofrelatedfeesunderforeignexchangeinsuranceinforeigncurrenciesshallbeprocessedinaccordancewiththeregulationsforforeignexchangeadministrationfortheinsurancebusiness;
6.DomestictransfersofforeignexchangeforothertradeinservicesshallbeprocessedinaccordancewiththeInterimRegulationsforAdministrationofDomesticForeignExchangeTransfers.
Article10Inprovidingforeigncurrencywithdrawalservicesfortradeinservices,afinancialinstitutionshallverifyandkeepthefollowingdocuments:
1.Withdrawingcashinforeigncurrencyforthecaptainforinternationalmarineships:
thereceiptvouchernoticeandtheship-owner’spaymentinstructions;
2.Withdrawingcashinaforeigncurrencyunderinternationallaborservicecooperationorinternationalcontractedengineeringinwar-torncountries(regions)orcountries(regions)withstrictexchangecontrolsandpoorfinancialenvironments:
contracts(agreements)andbudgetstatements;
3.Withdrawingcashinaforeigncurrencyunderofficeexpensesofoverseasrepresentativeoffices(offices)inwar-torncountries(regions)orcountries(regions)withstrictexchangecontrolsandpoorfinancialenvironments:
budgetstatements;
4.WithdrawingcashofUSD10,000orless(ortheequivalentinotherforeigncurrencies)perpersonperteamfromdomesticinstitutionsforpaidoverseastravels:
budgetstatements;
WithdrawalsofcashinaforeigncurrencyforothertradeinservicesshallbeprocessedinaccordancewiththeInterimMethodsforAdministrationofPaymentsandReceiptsofCashinForeignCurrenciesbyInstitutionsinChina.
Article11InstitutionsandindividualsinChinashallkeepallthedocumentsforeachforeignexchangepaymentandreceipttransactionfortradeinservicesfor5(five)yearsinthecaseoffuturechecking.
Anyfinancialinstitutionprovidingforeignexchangepaymentandreceiptprocessingservicesshallkeeptheverifiedtransactiondocumentsasbusinessfilesfor5(five)yearsinthecaseoffuturechecking.
Article12Transactiondocumentscanbeinpaperorelectronicformsthatmeetthelegalandregulatoryrequirementsandareacceptedbyfinancialinstitutions.Financialinstitutionsshallaffixthesealstotheprintedversionoftheelectronicdocumentsafterverifyingthemandshallretainthem.
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