A recent policy change has revolutionized customs procedures for e-commerce retail imports by extending customs duty guarantee insurance to the realm.
On the day of the policy's implementation, the nation's first batch of customs duty guarantee insurance policies, including one issued for Yiwu Yunjian Supply Chain Management Co in Jinhua, Zhejiang province, completed registration.
Yang Yunfei, the company's customs affairs manager, expressed enthusiasm over the policy's convenience. "Formerly reliant on deposits or bank guarantees, we can now benefit from lower capital requirements, expedited approval processes, and reduced procedural costs."
The application of customs duty guarantee insurance in cross-border e-commerce provides a convenient tax guarantee option, easing financing challenges for enterprises, particularly emerging cross-border e-commerce businesses.
Wang Dejuan of Yiwu Customs highlighted the benefits of guarantee insurance over bank guarantees. "The shorter processing periods, lower interest rates, and greater flexibility in insured party selection are particularly beneficial to small and medium-sized enterprises."
Moving forward, Yiwu Customs aims to implement and refine preferential customs measures to enhance the quality and stability of foreign trade, reduce customs clearance costs, and support the high-quality development of cross-border e-commerce.
