News and Policies
Nanning Customs vows to boost domestic sales
Updated: Aug 25, 2020
en.gxzf.gov.cn
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Nanning Customs in Guangxi Zhuang autonomous region has launched measures to promote the domestic sales of goods originally produced for export since the outbreak of the novel coronavirus (COVID-19).
Procedures have been simplified to cut down the institutional costs for selling commodities originally produced for exports. The time limit for domestic sales taxation has been extended, allowing companies to declare for taxation in 15 days after the end of the quarter as long as their account books are still valid.
Nanning Fugui Precision Industrial Co Ltd, a leading original equipment manufacturing company for processing trade in Guangxi, has large demand in its domestic sales business. The company used to apply for taxation of domestic sales four to five times per quarter on average and the process of preparing materials was very complicated.
A person in charge of the declaration from the company said that with the help of the new policy, the company only needs to submit an application once or twice per quarter, reducing the company's costs in both money and manpower.
Nanning Customs has deepened its innovation in its bonded supervision model to stabilize supply chains for local companies. Companies are able to sell products on domestic markets in batches, which already have been put into the warehouses after declaration, increasing the turnover efficiency of the bonded warehouses.
"Due to the outbreak of COVID-19, our company has adjusted the sales target. We have successfully resumed production with the help of the customs and most of our major products, such as cathode copper and sulfuric acid, have been sold domestically, relieving our pressure in financing and storage," said Zhou Caide, general manager of the supply and sales department of Guangxi Jinchuan Non-Ferrous Metal Co.
The overall value of processing trade products originally produced for export that were sold domestically amounted to 1.42 billion yuan ($205.53 million) from January to July, up 24.2 percent year-on-year.
