Xiamen FTZ. [Photo/WeChat account of Xiamen FTZ]
Xiamen Free Trade Zone has introduced another innovative measure — China's first intelligent stamp tax coordination mechanism for offshore trade, which officially commenced operations on July 1 on the Xiamen Global Supply Chain and Offshore Trade Financial Services Platform.
This mechanism utilizes advanced technologies such as big data to innovatively achieve three-way intelligent verification: precise matching of corporate purchase/sales contracts, international payment declarations, and trade background data.
When conducting offshore merchanting trade, the platform can swiftly and accurately cross-check relevant contract information with international payment declaration data and trade background details. This enables enterprises to easily determine whether their transactions qualify for stamp duty exemption, thereby reducing tax risks arising from policy misinterpretation or data matching errors.
According to statistics, from August 2018 to the end of May this year, Xiamen has processed a total of $81.7 billion in new-type offshore international trade transactions, 98 percent of which were offshore merchanting trade.
The continuous optimization and widespread application of the tax coordination mechanism is expected to further strengthen Xiamen's offshore trade ecosystem, helping attract more enterprises and promoting the high-quality development of the regional trade economy.