GACC Relaxes Time Limit for Declaration of Deep-processing Carry-over in Processing Trade

On November 14, 2023, the General Administration of Customs China (“GACC”) released the Announcement on Relaxing the Time Limit for Declaration of Deep-processing Carry-over in Processing Trade and Implementing Other Measures (the “Announcement”).

According to the Announcement, the GACC has decided to take measures to promote the sustainable and high-quality development of processing trade. The measures will include relaxing the time limit for centralized declaration of deep-processing carry-over, optimizing export return management of finished products in processing trade, expanding the application of enterprise-based processing trade supervision, and streamlining the procedures for centralized domestic sales and the procedures for the carry-over of domestically procured equipment out of the zone. The document also encourages enterprises in information technology, artificial intelligence, biomedicine, new energy, new materials, major equipment manufacturing and other industries that are not blacklisted for bad faith and have standardized internal management and complete information system to apply to the customs for the application of enterprise-based processing trade supervision.