Verification of Receipts

Verification of Receipts (收汇核销) is a system in China's foreign exchange management. It requires enterprises, after exporting goods, to repatriate overseas payments within a specified period and declare verification to the State Administration of Foreign Exchange (SAFE) to prove the correspondence between exports and foreign exchange receipts. The system aims to prevent illegal foreign exchange evasion, tax fraud, and ensure the authenticity of the balance of payments. It is mainly used by export enterprises to complete verification procedures after receiving export payments, and is often linked to export tax rebates. Notes: Enterprises must receive payments and complete verification within a certain period after export (e.g., 180 days); overdue cases may be placed on a watch list. The verification form must match the customs declaration form, invoice, etc. After 2012, China implemented reforms to the foreign exchange management system for trade in goods, and Verification of Receipts has been gradually replaced by aggregate verification, though some enterprises still need to pay attention. Difference from other terms: Verification of Receipts emphasizes the act of 'verification', while 'settlement of exchange' is the conversion of foreign currency into RMB, and 'export tax rebate' is the refund of domestic taxes; the three are often related but have different purposes.