Delayed import certification, temporarily stored in bonded zone warehouse before importing

A foreign-invested enterprise in Shanghai imported a production equipment worth 1 million US dollars. Due to the failure to complete the tax reduction and exemption approval form on time, but the goods had already arrived at Shanghai Port, the import declaration could not be completed within 14 days after the goods arrived at the port according to customs regulations. In order to avoid a daily late declaration fee of 0.5 ‰, the enterprise, based on our professional advice, first declared the goods to the bonded zone for temporary storage, and then officially imported and cleared from the bonded zone after the tax reduction and exemption approval form was completed. In the end, the company only paid a small amount of storage fees, saving a lot of late reporting fees.