Announcement No. 40 [2015] of the General Administration of Customs—Announcement on the Bonded Futures Delivery of Crude Oil[Effective]

Announcement of the General Administration of Customs

(No. 40 [2015])
Announcement on the Bonded Futures Delivery of Crude Oil
In order to support the listing of crude oil futures in China and specify the regulatory requirements of the Customs for the bonded futures delivery of crude oil, relevant matters are hereby announced as follows:

I. The bonded futures delivery of crude oil should be made in areas under special customs supervision or supervised bonded places that are in compliance with the requirements. Shanghai International Energy Trading Center Co., Ltd. shall undergo the recordation formalities for the deliverable crude oils and the designated delivery warehouses used for the bonded futures delivery of crude oil with the General Administration of Customs.

II. The designated delivery warehouses shall establish a computer management system in compliance with the regulatory requirements of the Customs, which is able to connect to the network of the Customs, so as to ensure that the data is true, accurate, and effective.
Shanghai International Energy Trading Center Co., Ltd. shall connect with the network of the competent customs offices of the designated delivery warehouses by computer, and provide the bonded delivery settlement statements (see Annexes 1 and 2), the list of standard bonded warehouse receipts (see Annex 3), and other electronic information in real time via a management system for standard warehouse receipts.

III. In a designated delivery warehouse, different deliverable types of crude oil for future bonded delivery shall not be mixed with each other in storage, but a same storage tank may be used for storing the same deliverable type of crude oils for future bonded delivery that belong to different owners.

IV. After the completion of bonded futures delivery of crude oil, if the bonded crude oil needs to be imported and exported, the designated delivery warehouse and the rightful holder of standard bonded warehouse statements (hereinafter referred to the “warehouse statement holder”) shall undergo customs declaration formalities with the competent customs office based on the bonded delivery settlement statements, the list of standard bonded warehouse receipts, etc.

V. The Customs shall determine the dutiable value of crude oil for bonded futures delivery according to the following principles:
(1)Where a standard bonded warehouse receipt is delivered at maturity, the dutiable value shall be determined on the basis of the bonded delivery settlement price of Shanghai International Energy Trading Center Co., Ltd. plus delivery premiums or discounts.
(2) Where a standard bonded warehouse receipt is delivered by an exchange for physicals (“EFP”), the dutiable value shall be determined on the basis of the settlement price of latest month crude oil futures contracts released by Shanghai International Energy Trading Center Co., Ltd. on the trading date before the EFP application date, plus delivery premiums or discounts.
(3) Where a non-standard bonded warehouse receipt is delivered by an EFP or a standard bonded warehouse receipt is transferred without bonded futures delivery, the dutiable value shall be determined on the basis of the existing provisions on domestic sale of bonded goods.
(4) In case there is any over-shipment or under-shipment for crude oil imported at bonded delivery, the dutiable value shall be determined on the basis of the settlement price of latest month crude oil futures contracts released by Shanghai International Energy Trading Center Co., Ltd. on the trading date before the date when the bonded crude oil leaves the warehouse, plus delivery premiums or discounts.

VI. A standard bonded warehouse receipt for crude oil futures may be pledged based on a duty guarantee according to the regulatory requirements.
A warehouse receipt holder shall submit the following documents when undergoing the formalities for recordation of pledge by warehouse receipts at the competent customs office:
(1) Recordation Form for Pledge with Standard Bonded Warehouse Receipts (see Annex 4).
(2) The certificate of formation of the enterprise and the photocopy thereof;
(3) Security deposit or bank guarantee, of which the guaranteed amount shall not be less than the taxes payable of pledged goods and the guarantee period shall not be less than the pledge period.
(4) Other documents as required by the Customs.

VII. Where a warehouse receipt holder proposes rescission of pledge, the customs office shall undergo pledge rescission formalities based on the Recordation Form for Rescission of Pledge with Standard Bonded Warehouse Receipts (see Annex 5), a photocopy of the pledge rescission agreement, and other documents provided by the competent custom office. Warehouse receipts under the same pledge contract shall not be rescinded in batches.

VIII. The standard bonded warehouse receipts for crude oil futures may be transferred, and also can be used as the trading margin for futures.

IX. Once any domestic crude oil for bonded futures delivery is stored in the designated export bonded warehouse, the Customs shall transmit the electronic data on the customs clearance information in respect of customs declaration forms for exported goods to the State Administration of Taxation according to relevant provisions.

X. No time limit of storage shall be set for the storage of crude oil for bonded futures delivery at designated delivery warehouses.
XI. A designated delivery warehouse shall truthfully declare the actual loss; and a standard of not more than 0.12% per year (or 1.2‰ per year) shall be implemented on a trial basis for the determination of the natural loss in the storage of crude oil for bonded futures delivery.

This Announcement shall come into force on the date of issuance.

Annexes:
1. Bonded Delivery Settlement Statement (for Customs Declaration -1)
2. Bonded Delivery Settlement Statement (for Customs Declaration -2)
3. Standard Bonded Warehouse Receipt
4. Recordation Form for Pledge with Standard Bonded Warehouse Receipt
5. Recordation Form for Rescission of Pledge with Standard Bonded Warehouse Receipt
General Administration of Customs
August 20, 2015

海关总署公告2015年第40号（关于开展原油期货保税交割业务的公告）
公告〔2015〕40 号
为配合我国原油期货上市工作，明确海关对原油期货保税交割业务的监管要求，现就有关事项公告如下：
一、原油期货保税交割业务应在符合条件的海关特殊监管区域或保税监管场所开展。上海国际能源交易中心应将开展原油期货保税交割业务的可交割油种和指定交割仓库向海关总署备案。
二、指定交割仓库应当建立符合海关监管要求的计算机管理系统，与海关进行联网，确保数据真实、准确、有效。
上海国际能源交易中心应当与指定交割仓库主管海关实现计算机联网，通过标准仓单管理系统实时提供保税交割结算单（见附件1、2）、保税标准仓单清单（见附件3）等电子信息。
三、指定交割仓库内不同交割油种的期货保税交割原油不得混放，同一个储罐可以存放不同货主同一交割油种的期货保税交割原油。
四、原油期货保税交割完成后，保税原油需要进出口的，指定交割仓库和保税标准仓单合法持有人（以下简称仓单持有人）应当持保税交割结算单和保税标准仓单清单等单据向主管海关办理报关手续。
五、海关按以下原则确定期货保税原油完税价格:
（一）采用保税标准仓单到期交割的，以上海国际能源交易中心原油期货保税交割结算价加上交割升贴水为基础确定完税价格。
（二）采用保税标准仓单期转现交割的，以期转现申请日前一交易日上海国际能源交易中心发布的原油期货最近月份合约的结算价加上交割升贴水为基础确定完税价格。
（三）采用非标准仓单期转现交割或采用保税标准仓单但未经期货保税交割而转让的，按现行保税货物内销有关规定确定完税价格。
（四）保税原油交割进口时发生的溢短，以保税原油出库完成日前一交易日上海国际能源交易中心发布的原油期货最近月份合约的结算价加上交割升贴水为基础确定完税价格。
六、原油期货保税标准仓单可以质押，质押应当提供税款担保并符合海关监管要求。
仓单持有人在向主管海关办理仓单质押备案手续时应提交以下单证：
（一）保税标准仓单质押业务备案表（见附件4）；
（二）企业设立证明文件及复印件；
（三）保证金或银行保函，担保金额不小于质押货物应缴税款，担保期限不少于质押期限；
（四）海关需要的其他单证。
七、仓单持有人提出解除质押的，应当向主管海关提供保税标准仓单质押业务解除备案表(见附件5)和解除质押协议复印件等单证办理质押解除手续。解除质押时，同一质押合同项下的仓单不得分批解除。
八、原油期货保税标准仓单可以转让。原油期货保税标准仓单可以作为期货交易保证金使用。
九、用于期货保税交割的国内原油存入指定出口监管仓库，海关按照有关规定向国家税务总局传输出口报关单结关信息电子数据。
十、指定交割仓库存储的期货保税交割原油不设存储期限。
十一、指定交割仓库应当如实申报实际损耗情况，海关对期货保税交割原油存储期间的自然损耗的认定试行不超过0.12%/年（每年千分之一点二）的标准。
本公告自公布之日起施行。
附件：1．保税交割结算单（报关专用-1）
2．保税交割结算单（报关专用-2）
3．保税标准仓单清单
4．保税标准仓单质押业务备案表
5．保税标准仓单质押业务解除备案表

海关总署
2015年8月20日