Since May 18, Shanghai Customs has been implementing the new rules for levy and refund of import VAT on finished diamonds. Under the new rules, the import VAT levy and refund procedures are further simplified on the basis of adequate control, with the stipulation that the import diamonds can be released on the strength of VAT Pay-In Warrant stamped with valid bank seal, thus further enhancing the clearance speediness and trade facilitation. 

According to the Customs Office stationed at Shanghai Diamond Exchange, Shanghai Customs formulated the closer workflow and adequate control over the simplified release procedure, with specific personnel engaged in confirming the tax pay-in status, so as to make the whole process both controllable and efficient. Moreover, in the principle of “Internet + Customs”, this Customs used mobile WeChat application for inspection queuing (i.e. calling registry numbers in order), convenient for enterprises’ operational arrangement and making their waiting time shortened from averagely 2 hours to about 15 minutes at the inspection site.   

This July, the average import-clearance time was shortened by 70.5% in comparison with the full year of 2017 at the Diamond Exchange Customs. Along with the implementing of the new rules, inspection queuing on WeChat, reservation for inspection and other innovative services, the diamond enterprises will get more and more benefits in future.