GAC Integrates and Optimizes New Account Book Management Modes for Processing Trade Enterprises

Recently, the General Administration of Customs of China (GAC) released the Public Notice on the Integration and Optimization of Processing Trade Account Books (the “Public Notice”), which calls for integrating the online supervision mode of processing trade and the enterprise-based supervision mode into a “processing trade account book” management mode, to be effective on July 1, 2024.

The Public Notice specifically states that starting from July 1, 2024, processing trade account books will be established in the Golden Customs Project Phase II when processing trade enterprises create new account books through the “single window” for international trade or the “Internet Plus Customs” integrated online service platform, with the “account book type” to be filled in as “E-account book”, and customs offices will implement the current provisions on the online supervision of processing trade enterprises. At the same time, no new “enterprise-based” accounting books will be established, though the “enterprise-based” account books previously created by processing trade enterprises can continue to be used. As necessitated by actual needs, for the existing “enterprise-based” account books, new processing trade account books may be established in the Golden Customs Project Phase II after the remaining document transfer procedures and the original account book cancellation procedures are handled in accordance with provisions.