Shenzhen Customs has helped export-oriented enterprises reduce COVID-19 impact by simplifying procedures for them to sell products in the domestic market, Shenzhen Special Zone Daily reported yesterday.
In the first half of the year, more than 1,500 enterprises under the administration of Shenzhen Customs had turned to sell products worth 6.4 billion yuan (US$917.5 million) domestically.
To relieve the burden of export-oriented enterprises, as orders had been greatly reduced due to shrinking demand overseas, Shenzhen Customs optimized monitoring mode and simplified measures to help export-oriented enterprises to expand within the domestic market.
For enterprises to sell products in the home market, Shenzhen Customs exempted levies on tax deferral and more than 1,000 enterprises have benefited from the measure.
Through the incentives and help of Shenzhen Customs, Shenzhen Xingying Science and Technology Co. Ltd., a manufacturer of circuit boards and computer spare parts, sold products worth 28.94 million yuan in the domestic market in H1, an 11-fold increase year on year.
In addition to tax deferral, Shenzhen Customs extended tax collection date from the 15th day of the next month to the 15th day after the end of each quarter. Customs also exempted the guarantee fund requirement for enterprises. In H1, a total of 980 million yuan was exempted.
Shenzhen Customs also piloted simplified monitoring mechanisms on big corporations such as TCL, Skyworth and KTC by allowing bonded materials to circulate within the corporation system.
For the overseas market, Shenzhen Customs unveiled measures to support exports to countries under the Belt and Road Initiative (BRI). The exports to countries under BRI reached 301.56 billion yuan in H1, up by 5.5 percent year on year.
In H1, Shenzhen Customs issued more than 3,000 Certificates of Origin in the information industry that exports products to BRI countries. The products were worth 4.26 billion yuan and the certificates helped relieve and exempt 210 million yuan in tariffs from importing countries.