1. Foreign exchange settlement
Foreign exchange settlement is the operation of converting foreign currency into RMB. Foreign currency received by cross-border enterprises can be temporarily deposited in the account without the need to convert foreign currency into RMB immediately. Since RMB is required for domestic business settlement, the foreign exchange in the account is converted into RMB when needed, such as when purchasing goods for export.
2. Tax refund
After the goods are declared for export and the foreign exchange has been received, the e-commerce enterprise goes to the tax refund authority to make a formal declaration for tax refund. After the tax refund authority reviews the tax refund information and finds it qualified, the enterprise will hand over the tax refund information and a set of tax refund declaration forms to the tax refund authority. The tax refund authority will return a tax refund summary declaration form to the enterprise after signing and stamping it, and at the same time transfer the tax refund amount to the enterprise’s bank account according to regulations.
If the enterprise has signed a foreign trade comprehensive service contract with the e-commerce platform in the early stage, such as the “Yidatong” service of Alibaba International Station, the tax refund work will be completed by Yidatong Company, and Yidatong Company will transfer the tax refund to the export enterprise after obtaining the tax refund from the tax authority.