Individual foreign-related receipts and payments under US$10,000 are expected to be exempt from declaration

The foreign exchange bureau plans to increase the exemption of resident individuals

for foreign-related receipts and payments through banks

　　The procedures for individuals to handle foreign-related remittances will become more and more convenient, and resident individuals with a single foreign-related receipt and payment of less than US$10,000 are expected to be exempt from filling in the declaration information in the future.

On March 23, the State Administration of Foreign Exchange revised the "Implementation Rules for the Statistics and Declaration of the Balance of Payments through Banks" (issued by Huifa [2020] No. 16), and formed the "Implementation Rules for the Statistics and Declaration of the Balance of Payments through Banks" ( "Draft for Comments)" and openly solicit comments from the public. The deadline for feedback is April 21, 2022.

　　The so-called foreign-related receipts and payments refer to the money received by domestic residents and domestic non-residents from overseas through domestic banks and the money paid abroad, as well as the receipts and payments between domestic residents and domestic non-residents through domestic banks.

Among them, RMB receipts and payments between domestic resident individuals and institutions through domestic banks and domestic non-resident individuals will not be reported for the time being, unless there are clear requirements for current account and capital account management.

　　Foreign-related receipts and payments specifically include: foreign-related receipts and payments handled by settlement methods such as letter of credit, collection, letter of guarantee, remittance (telegraphic transfer, letter remittance, bill remittance); foreign-related receipts and payments that issue payment instructions to overseas through domestic banks; Foreign-related receipts and payments that issue payment instructions to domestic banks.

Foreign-related receipts and payments include foreign exchange and RMB, excluding cross-border receipts and payments due to remittances and foreign currency cash deposits and withdrawals.

　　It is worth noting that Article 8 of the "Draft for Comments" stipulates that for the basic information in foreign-related receipts and payments data, domestic banks shall report to the State Administration of Foreign Exchange in accordance with the procedures and requirements stipulated in these Implementing Rules, and the reporting entity shall cooperate with domestic banks. Banks report data.

For the declaration information in the foreign-related receipts and payments data, the declaration subject shall fill in the declaration information in accordance with the relevant requirements, and the domestic bank shall review and submit the declaration information in accordance with the prescribed procedures and requirements.

For the foreign-related receipts and payments of resident individuals whose single transaction amount is less than the equivalent of 10,000 US dollars (including 10,000 US dollars), the declaration is exempted under the limit, that is, the resident individual declaration subject can be exempted from filling in the foreign-related receipt and payment certificates (including paper certificates and electronic documents). documents) in the declaration information.

The old version of the implementation rules stipulates that the amount of resident individuals who handle foreign-related receipts and payments through banks is exempted from reporting the equivalent of less than 5,000 US dollars (including 5,000 US dollars).

　　If the "Draft for Comments" is successfully implemented, resident individuals with a single transaction amount equal to or less than US$10,000 (including US$10,000) will be exempted from reporting foreign-related receipts and payments, and they will no longer need to fill in the reporting information in the relevant vouchers.

The "Draft for Comments" clarifies that the declaration information refers to the paper or electronic documents provided by the declarant through the bank, or the information filled in by the Internet version of the "digital foreign management" platform, mainly including the country (region) where the payer/payee resides. , international payment transaction code and transaction postscript, etc.

　　Text / reporter Cheng Jie