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Tax Alert: China Customs to Crack Whip

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Tax Alert: China Customs to Crack Whip

by CFO Innovation Staff, 19 August 2009
topics:
Accounting and Regulations Law and Compliance Tax
tags:
Decree No. 184 KPMG China VAT
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China’s General Administration of Customs Decree No. 184, issued August 19 this year, will affect importers and exporters in all sectors and their guarantors, says KPMG China.
 
The decree empowers customs authorities to demand that the taxpayer provide a guarantee if in their judgement there are obvious signs of diversion or concealment of goods or other assets.
 
If the company fails to provide a guarantee, customs has been empowered to instruct the firm’s bank to suspend payment to it. Failing that, customs can detain the goods or other assets of the taxpayer.
 
Failure by importers, exporters and their guarantors to settle the tax owed within three months of the due date under circumstances different from the above may also be subject to the new Customs sanctions.
 
KPMG judges that the new decree will likely jack up compliance costs among businesses, but sees no other significant effect on the effective tax burden, transfer pricing exposures, cash flow burden and other areas.  

 

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