Huifa [2011] No.45
Notice of the State Administration of Foreign Exchange on further clarifying and standardizing the management of foreign exchange business in some capital projects
Branches and foreign exchange administrations of the State Administration of Foreign Exchange in all provinces, autonomous regions and municipalities directly under the Central Government, and branches in Shenzhen, Dalian, Qingdao, Xiamen and Ningbo:
In order to prevent the financial risks brought by cross-border capital flows and promote the basic balance of international payments, according to the relevant provisions on foreign exchange management, the relevant issues on further clarifying and standardizing the foreign exchange business management of some capital projects are hereby notified as follows:
First, further standardize the management of foreign exchange payment and settlement of foreign exchange for foreign-invested enterprises.
(1) Foreign-invested enterprises shall not use RMB funds obtained from foreign exchange settlement for domestic equity investment. Foreign-invested enterprises that have made equity investment with the approval of the relevant competent authorities use their foreign exchange capital, and domestic Chinese-funded institutions use foreign exchange funds in asset realization accounts to make domestic equity investment, which shall be handled with reference to the foreign exchange investment management principles of foreign-invested enterprises.
(2) Where a foreign-invested enterprise pays the land transfer fee with RMB funds obtained from the settlement of foreign exchange capital, the bank handling the settlement business shall require the enterprise to submit the Contract for the Assignment of State-owned Construction Land and the corresponding non-tax payment notice, and strictly examine the consistency between the relevant contract, payment notice and the financial account for settlement payment. Non-real estate foreign-invested enterprises shall not use the RMB funds obtained from foreign exchange settlement to pay for the related expenses of purchasing non-self-use real estate.
(3) Foreign-invested enterprises are not allowed to issue entrusted loans, repay inter-enterprise loans (including advances from third parties) and repay bank loans lent to third parties with RMB funds obtained from foreign exchange capital settlement. When a foreign-invested enterprise repays its used bank loans (including entrusted loans) with RMB funds in foreign exchange settlement funds, the bank shall require the foreign exchange settlement enterprise to provide the original loan contract (or entrusted loan contract, the same below), the invoice for the use of RMB loan funds consistent with the purposes listed in the loan contract, the loan issuance statement issued by the original loan bank and other supporting materials to prove that the loan funds have been used up, and keep a copy for future reference. (4) Improve the management of the special foreign exchange account for margin. Enterprises with foreign investment shall not, in principle, pay all kinds of deposits with RMB funds obtained from foreign exchange settlement. Domestic individuals or institutions (except banks) may apply to the local foreign exchange bureau to open a special foreign exchange account for deposits after receiving all kinds of deposits paid by foreign-invested enterprises in foreign exchange capital. The income range of this account is "deposits with real trading background"; The expenditure range is "Return to original account". Banks should handle the related fund transfer business in strict accordance with the income and expenditure scope of the special foreign exchange account for margin. The funds in the special deposit account shall not be settled.
Two, strengthen the management of foreign loans to foreign-invested enterprises.
(1) When a foreign-invested enterprise borrows money from abroad, its foreign shareholders' capital contribution must be in place in full and on schedule, and its actual foreign loan amount can be calculated by multiplying the upper limit of the loan amount stipulated by the policy by the proportion of foreign shareholders' capital contribution.
(2) Strengthen the management of overdue and extended foreign debts of foreign-invested enterprises. If a foreign-invested enterprise borrows foreign debt beyond the time limit and fails to go through the formalities for registration of foreign debt change, the foreign exchange bureau will suspend its application for registration of new foreign debt. If the short-term foreign debt borrowed by a foreign-invested enterprise is overdue or extended, and the actual borrowing period (from the date of first foreign debt withdrawal to the current period or the newly agreed maturity date) exceeds 1 year, the foreign debt will be included in the foreign debt quota control of the foreign-invested enterprise according to the amount incurred.
Three, to further standardize the management of land margin accounts.
Bidding for land use rights shall be conducted through the special deposit account as required. The name of the special account for bid bond for land use right of foreign investors was changed to "special account for bid bond for foreign exchange for land use right" (hereinafter referred to as the land bond account). The income range of the account is adjusted to "deposit the foreign exchange deposit collected by transferring the land use right by means of bidding, auction and listing"; The scope of expenditure is adjusted to "transfer the original currency to the foreign exchange capital account of foreign-invested enterprises established by foreign investors with the approval of the local foreign exchange bureau, remit it abroad according to the original route, or transfer it back to the original foreign exchange capital account of foreign-invested enterprises with the original approval documents". The funds in the land deposit account shall not be settled.
Four. Improve the management of special foreign exchange accounts for realizing personal assets. Domestic individuals who obtain the proceeds from the transfer of shares or other rights and interests of domestic enterprises held by foreign investors shall apply to the local foreign exchange bureau for opening a special foreign exchange account for realizing assets (hereinafter referred to as the asset realization account). When handling the settlement of foreign exchange in the asset realization account, the bank shall keep a copy of the corresponding Foreign Exchange Registration Form for Converting Shares into Foreign Exchange. Domestic individuals can apply to the bank for settlement of funds in the asset realization account with the corresponding tax payment certificate of asset realization income. If a domestic individual pays the tax on the income from asset realization in RMB earned in capital settlement in the asset realization account, he can directly settle the foreign exchange with the tax payment notice, without providing the corresponding tax payment voucher for the income from asset realization.
This notice shall come into force as of the date of promulgation. If the previous provisions are inconsistent with this notice, this notice shall prevail. All branches and foreign exchange administrations are requested to forward this notice to the central branches, sub-branches and banks within their jurisdiction as soon as possible. If there is any problem in the implementation, please report it to the State Administration of Foreign Exchange in time.
Feedback from the infrastructure project management department of our bureau.
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