Import Payment Verification

Import payment verification and cancellation is a system in China's foreign exchange management. It means that after an importing enterprise makes a payment abroad, it must verify and cancel that payment with the foreign exchange administration to prove that the payment corresponds to genuine and lawful imported goods. Its core is 'matching payment with imported goods' to prevent capital outflows without a trade background. Usage scenarios: after an enterprise pays for goods abroad through a bank, it must complete verification and cancellation within a specified time using documents such as import customs declarations, contracts, and invoices. Notes: the verification and cancellation period is usually a certain time after payment (e.g., 30 days), and overdue cases may be placed on a watch list; the verification and cancellation form must match the customs declaration in amount and currency; after 2012, reform gradually abolished 'import payment verification and cancellation' and shifted to goods trade foreign exchange monitoring, but old documents may still be involved. It is the counterpart of 'export proceeds verification and cancellation': the former targets import payments, while the latter targets export proceeds; it differs from 'trade credit' in that the latter involves deferred payment or advance receipt, while verification and cancellation emphasizes matching payment with goods.