Q & A on Indirect Declarations of Statistics on Balance of Payments

01

Q: A domestic enterprise rents its arcade shop premises to a tenant from China’s Taiwan，does it require to declare if the rent is paid in renminbi?

A: According to the declaration scope requirements in Article IV of the Detailed Implementing Rules for the Balance-of-Payments Statistical Declarations through Banks，“the renminbi receipts and payments between domestic resident and domestic non-resident individuals are required to declare the balance of payments in four types of foreign-related receipts and payments involving capital management，inspection on import and export trade in goods，payroll agency and  payer and payee  in the same legal-person bank. In this case，if the tenant comes from China’s Taiwan and the arcade shop handle their renminbi receipt and payment in the same legal-person bank，balance of payments declaration is required，if it is not conducted in the same legal-person bank，there is no need to declare for the time being.

02

Q: A domestic enterprise applied its foreign-related income declaration through E-bank and generated a E-bank version of “Foreign Income Declaration Form”，is it necessary for the enterprise to get a stamped paper version form?

A: The enterprise does not need to get a stamped paper version of “Foreign Income Declaration Form” in this case. According to the voucher requirements of the Detailed Implementing Rules for the Balance-of-Payments Statistical Declarations through Banks，“domestic entities who declare their balance of payments by providing electronic bank vouchers do not need to use or print out the paper vouchers of such receipts and payments，but the electronic data information shall be kept for at least 24 months.

03

Q: Is it necessary for an enterprise to sign and seal the electronic version of Basic Information Form of Organization?

A: The electronic version of Basic Information Form of Organization does not require a customer signature. For declarations made through electronic vouchers，domestic banks and reporting entities shall properly and permanently retain relevant electronic data information.

04

Q: What materials should be provided to the bank if the elements in the Basic Information Form of Organization changed，and how to make the changes?

A: The enterprise should notify the bank of any element changes in the Basic Information Form of Organization in a timely manner，and provide its business license or the Assignment Notice of the Codes of Special Institutions and other supporting documents. After verifying these documents，the bank will modify the changes.

05

Q: The registration area of the enterprise is a tariff-free area，and the region is also a free trade zone. When maintaining the Basic Information Form of Organization，should the enterprise choose “tariff-free area” or “free trade zone (special supervision)” for enterprise type?

A: It should choose “Free Trade Zone (special supervision)”. According to the filing requirements of the Basic Information Form of Organization: if the enterprise is in a special economic zone within a free trade zone，it should choose “Free Trade Zone (special supervision)” for its enterprise type; if the enterprise is in a special economic zone but not within a free trade zone，it should choose “Tariff-free Area”，“Export Processing Zone”，“Bonded Logistics Centers (type B)”，“Bonded Logistics Park”，“Diamond Exchange”，“Tariff-free port area”，“Comprehensive Bonded Zone”，“Cross-border Industrial Park”，“Bonded Logistics Centers (type A)”，“Export Supervised Warehouse”，“Import Bonded Warehouse” or “Other”.

06

Q: A domestic enterprise has provided the bank relevant supporting documents when opening its renminbi account. Now it needs to open a dollar account due to business needs，is it possible not to provide these documents and information again to the bank this time?

A: The bank may generate the Basic Information Form of Organization using the retained information of the customer，but shall make sure that the information retained in the bank system，the reserved unified social credit code or special institution code assignment notice，business license and other supporting documents are all the latest version，and information within them is  accurate.

07

Q: A domestic company (a foreign-invested enterprise) needs to maintain its Basic Information Form of Organization at the bank. What documents should be provided?

A: Business license and other supporting documents are required. For enterprises that the Ministry of Commerce no long