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A National Innovation! Guangzhou Cross-border E-commerce Platform Launches Integrated Public Services of Customs, Tax, Forex and Clearing
One-stop Comprehensive Services Solve Enterprise Pain Points and Improve the Operational Efficiency of Export Trade
Under the guidance of the Guangzhou Municipal Bureau of Commerce, the Guangzhou Cross-border Trade E-commerce Public Service Platform has recently upgraded its services and pioneered the intelligent fund clearing function after the settlement of overseas funds nationwide, becoming the first public service platform to integrate the full service chain of 'Customs, Tax, Forex and Clearing'. Relying on the big data advantages of Guangzhou's 'Single Window', the platform proactively responds to the development needs of new forms and models of business. Addressing the pain points of cross-border e-commerce enterprises such as data collection, export tax refund, forex collection and settlement, and capital repatriation, it provides one-stop comprehensive services with higher security and transparency for cross-border e-commerce enterprises, effectively improving the operational efficiency and development potential of enterprises' export trade.
In 2022, Guangzhou launched the 'Foreign Comprehensive Service + Cross-border E-commerce Retail Export (9610)' model, which was selected as an Excellent Practice Case of New Foreign Trade Forms by the Ministry of Commerce.
I. Focus on Customs: Realize Traceable Identification of E-commerce Entities
To quickly distribute goods and seize market share, small and medium-sized cross-border e-commerce enterprises usually adopt the agency declaration model for customs clearance. However, with the development of business, the problem of scattered information declared by different agencies has become increasingly prominent.
- Based on the data model of Guangzhou's 'Single Window', solve the authenticity verification problem of cross-border e-commerce entities
- Identify the genuine e-commerce entity of each commodity to ensure the consistency of logistics and capital flow
- Provide core data support for tax administration, capital settlement and fund clearing
II. Focus on Tax: Standardize Tax Compliance Services
To address the difficulties in the implementation of supporting policies for cross-border e-commerce such as tax exemption without invoices and verified collection issued by the State Taxation Administration in 2019, the Guangzhou Cross-border E-commerce Platform has launched targeted solutions:
- Classify and label massive retail export data of enterprises, and establish a 'Tax Refund Product Detailed Database' and a 'Tax Exemption Product Database without Invoices'
- Provide accurate data support for tax authorities to implement policies and ensure that beneficial enterprise policies are effectively delivered
- A professional service team provides personalized tax guidance and explains policies such as export tax refund (exemption) and corporate income tax
- Help enterprises pay taxes in compliance and reduce tax risks
III. Focus on Forex: Build a Transparent Cross-border Settlement System
To address the high risks of cross-border settlement for enterprises, the platform has built a 'Sunny Forex Collection & Settlement' service system based on blockchain technology:
- Directly connect with the data channels of banks and foreign exchange administrations to achieve one-stop, efficient and convenient settlement services
- Realize on-chain deposit and certification for the whole process from data authorization to international balance of payments declaration, with data available but invisible to ensure security
- Use AI and big data technologies to provide intelligent review for banks and enhance the ability to identify fraud risks
- Realize the full-process transparency of forex collection and settlement for cross-border e-commerce exports and reduce settlement risks
IV. Focus on Clearing: Achieve Intelligent Real-time Fund Clearing
Under the traditional model, the settlement after forex conversion easily leads to mismatches between cargo flow and capital flow, bringing compliance risks. The Guangzhou Cross-border E-commerce Platform pioneered the real-time fund clearing function after the settlement of overseas funds nationwide:
- Directly connect with the People's Bank of China system to realize intelligent real-time clearing based on trade volume
- Foreign comprehensive service enterprises can quickly make direct payments to upstream cross-border e-commerce enterprises after forex settlement
- Improve the capital turnover rate of upstream enterprises, reduce capital pressure and lower operating costs
Since settling on the platform, the connection and intercommunication of various links have brought great convenience to our enterprise's own operation and the merchants we serve, and also effectively reduced our operating costs. In particular, the new fund clearing function has provided great support for our capital turnover and enterprise production.
In the future, Guangzhou will continue to innovate service models, expand application scenarios, actively explore market demands, fully support the implementation of beneficial enterprise policies and measures, and provide efficient and convenient services for all market entities in the cross-border e-commerce industry.
