SHENZHEN has implemented a new policy for cross-border e-commerce that allows refunds for goods exported through overseas warehouses.

Shenzhen Mingyang International Electronic Commercial Co. Ltd. became the first beneficiary of the policy last Friday, receiving a tax refund of 8,015 yuan (US$1,200) from the local tax authority for its cross-border e-commerce products.

This marked the first departure tax refund for cross-border e-commerce businesses in Shenzhen. Enterprises can now receive the tax refund within 24 hours of submitting their application materials.

The new policy was announced by the State Taxation Administration last month and is a significant move to bolster the country’s cross-border e-commerce sector.

The policy introduces a “tax refund upon departure” mechanism for goods under customs supervision code “9810.” This initiative aims to streamline the tax refund process, expedite refunds, and reduce costs for enterprises, thereby enhancing their competitiveness in the international market.

Shenzhen now boasts over 150,000 cross-border e-commerce companies that collectively generate over 300 billion yuan in foreign trade in 2023 — the most in the country. (Chen Siqi)