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Enquiry: How Should a Mainland-Based Business or Individual Process Foreign Exchange Payments and Receipts Related to Trade in Services?

Photo: Enquiry: How Should a Mainland-Based Business or Individual Process Foreign Exchange Payments and Receipts Related to Trade in Services?
Photo: Enquiry: How Should a Mainland-Based Business or Individual Process Foreign Exchange Payments and Receipts Related to Trade in Services?

According to the Guidelines for the Foreign Exchange Administration of Trade in Services and the ancillary Detailed Rules for Implementation, mainland-based businesses and individuals are legally-obliged to declare any such activity to a financial institution duly authorised to accept foreign exchange payments and receipts related to trade in services when undertaking any such transaction. They should also present all the documentation required for that particular foreign exchange payment and receipt transaction. Furthermore, in line with the directive jointly issued by the State Administration of Taxation and the State Administration of Foreign Exchange, any mainland-based business or individual making a single outbound payment exceeding US$50,000 (or its equivalent in other currencies) should complete record-filing procedures with the relevant tax authority unless otherwise directed.

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