Home » Trade Compliance » New Customs Supervision Regulations for Offshore Spot Transactions of Soybeans
III. Quarantine and declaration rules for offshore spot - traded soybeans:
On July 7, 2023, the General Administration of Customs issued Announcement No. 86, clearly regulating the supervision of non-seed soybeans imported and traded through Shenzhen Qianhai United Trading Center, namely offshore spot trading soybeans. This isnt the first regulation on offshore spot trading soybeans - since 2023, the Ministry of Commerce and GAC have issued multiple related announcements. However, Announcement No. 86 is more comprehensive than previous ones, specifically covering bonded trading warehouse certification, quarantine approval, declaration and tax calculation, transportation management, and other aspects.
IV. Refined procedures for transportation management:
Many novice foreign trade merchants choose the export by purchasing export rights method when the business volume is not large. Simply put, it means borrowing the export rights of others to complete their own orders. Sounds convenient, right? But there are several issues you need to pay attention to:
On July 7, 2023, the General Administration of Customs issued Announcement No. 86, which clearly stipulated the supervision of non - seed - used soybeans imported and traded through the Shenzhen Qianhai United Exchange Center, namely offshore spot - traded soybeans. This is not the first time to regulate offshore spot - traded soybeans. Since 2023, the Ministry of Commerce and the General Administration of Customs have issued several relevant announcements. However, Announcement No. 86 is more complete than the previous announcements, specifically covering aspects such as the identification of bonded trading warehouses, quarantine approval, declaration and tax calculation, and transportation management.
Regarding the import of soybeans in offshore spot transactions, Announcement No. 86 has detailed regulations on its quarantine and declaration rules. Before the soybeans enter the country, importers can use the recognized bonded trading warehouses as storage places and apply for the Animal and Plant Quarantine Permit for Entry. In addition, when the soybeans enter the bonded trading warehouse, the consignee or its agent needs to complete customs declaration or filing and fill in relevant information as required. When the soybeans are transferred out of the bonded trading warehouse, the consignee or its agent needs to handleImport Customs Declarationand complete tax declaration.
As an important link in offshore spot - traded soybeans, the identification rules of bonded trading warehouses have been clarified in Announcement No. 86. The bonded warehouse needs to submit the Application Form for Bonded Trading Warehouse to the customs, and after the customs inspects and confirms that it meets the epidemic prevention requirements, it can be identified as a bonded trading warehouse. In addition, enterprises operating such warehouses also need to apply for corresponding accounts in the entry - grain inspection and quarantine management system.
Announcement No. 86 has detailed regulations on the transportation management of soybeans within the bonded trading warehouse. First, before the soybeans leave the port supervision area, the domestic consignee needs to submit a contact form and indicate the specific location of the soybeans in the bonded trading warehouse. Second, before the soybeans are transferred out of the bonded trading warehouse, the Qianhai United Trading Center needs to provide the outbound instructions and warehouse withdrawal information to the bonded trading warehouse operating enterprise, and the operating enterprise needs to fill in relevant data in the grain system. In addition, the soybeans after transfer out should be directly transported to processing enterprises with epidemic prevention, treatment and other conditions for subsequent processing.
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