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China Narrows Time Limit for Declaring Forex Income
China's State Administration of Foreign Exchange (SAFE) said Monday it will shorten the time period for institutions and individuals to declare their foreign exchange income in international payments as of September 1.
Currently, institutions or individuals should declare their forex income within 25 working days after receiving the money from banks. But this requirement has lagged far behind the fast- developing economic activities and negatively affected the effectiveness of statistics and analysis, a SAFE spokesman said.
To better meet the statistical and analytical demands, especially the higher demands for timely, accurate and complete information after China's access into the World Trade Organization, the SAFE will gradually shorten the time period for declaring forex income on the basis of constantly improved telecommunications conditions.
Starting from September 1 this year, the current 25 working days will be cut to 10; starting from January 1, 2003, it will be further cut to five working days, the spokesman said.
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