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Customs and Banks Joins Hands in Building "Expressway" for Custom Tariff Settlement
The Customs of Shanghai has recently signed an agreement for cooperation on electronic settlement with Agricultural Bank of China, Shanghai branch.
This sort of cooperation has so far been established with Shanghai Bank, Bank of Communication, Construction Bank and Industrial and Commerce Bank before it is finalized with the Bank of Agriculture in Shanghai.
Electronic payment of Customs tariff refers to the mechanism that clients who issue payment order to the account-opening bank via a terminal and when the procedure for electronic payment is completed can pass the Customs upon an automatic confirmation by the Customs. This will help increase the work efficiency of Customs and enterprises by scores of times. This reform is already under way for trial in Waigaoqiao of Pudong and the implementation is soon to be expanded, a strive to cover 50% of business volume by the end of the year.
Shanghai Customs is an important port customs in China's import and export trade, where the Custom taxation levied from last January to May amounted to nearly 19 billion yuan, accounting for 23.5% of the total Custom tariff income of China. Shanghai's customs taxation is according to the authority expected to surpass 40 billion yuan this year, far beyond 34.5 billion of last year.
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