Market fears havoc will result from China’s overhaul of customs rules

• Autores: Davide Ghilotti
• Localización: Industrial Minerals, ISSN 0019-8544, Nº. 604, 2018 (Ejemplar dedicado a: Septiembre)
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • Officials expected these restrictions to clamp down on widespread tax dodging that has been endemic in parts of the Chinese exports industry for many years. [...]you could go about your exporting business by giving away almost no information to customs and, as a result, to the taxman,” one market participant said. The identity of their company (the seller’s company in China) The identity of their customer The notifying party of the shipping document The identity of the shipping company handling the cargo The bank within China that is to receive the funds of the sale The company’s VAT registration number Names and contact details of the people involved on both sides of the transaction (seller and buyer). Tax avoidance and smuggling have been often mentioned as widespread practices in the trading of minerals originating from China, including bauxite, alumina, graphite, magnesia and silicon carbide.