Foreign Exchange Verification

Foreign exchange verification and cancellation is a system in China's foreign exchange administration. It means that after a company exports or imports goods, it must, within a specified period, match and cancel the corresponding foreign exchange income or expenditure against the customs import and export declaration form to prove the authenticity of the trade. Its main use scenarios involve verification and cancellation of export receipts and import payments. Companies need to handle it through the foreign exchange bureau's application service platform or a bank. Points to note include: the verification and cancellation period is usually within 210 days after export, and overdue cases may be listed as abnormal; the verification and cancellation form must be consistent with the declaration form, invoice, and other documents; after the 2012 reform, most companies switched to online declaration, but some businesses still require paper-based verification and cancellation. The difference from 'export tax rebate' is that foreign exchange verification and cancellation is part of foreign exchange administration, ensuring compliance of foreign exchange receipts and payments; export tax rebate is part of taxation, refunding domestic value-added tax. The two are related but independent, and verification and cancellation is one of the prerequisites for tax rebate.