Shanghai FTZ Streamlines Customs Procedures Further
by Lorys Charalambous, Lowtax.net, Cyprus
13 September, 2017
The Shanghai Pilot Free Trade Zone and Shanghai Customs have agreed a new "enter first, declare later" clearance procedure for goods arriving in the Zone.
The policy adopted by the Zone's Cross-Border Air Transport Management and Service Center means Zone enterprises can ship goods directly to their warehouses, saving time and costs.
A direct beneficiary of the new policy is the Weidmuller Group's Shanghai branch, which has been able to achieve delivery and shipping on the same day. The company operates an 8,000-square-meter Asia Pacific logistics center with inventory of 14,000 items. The new policy allows it to ship its goods to the airport in eight hours, even faster than its European headquarters.
Other companies benefitting from the more timely declaration procedures include local Shanghai pharmaceutical company WuXi AppTec Group, as well as Novartis China and Abbott Laboratories.
The Cross-Border Air Transport Management and Service Center said it plans to apply the new approach to all businesses in the Zone. It has so far helped 78 companies and handled about 160,000 declarations worth approximately USD25.8bn.
The Shanghai Pilot Free Trade Zone was founded in 2013 and offers a number of tax preferences. It comprises a bonded area, high-tech park, financial area, and an export processing zone.
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