TechFlow news, on September 13, according to Jinshi Data, the Shanghai Headquarters of the People's Bank of China announced that to further optimize the business environment and enhance the convenience of cross-border tax payments, since February 2024, the PBOC Shanghai Headquarters has collaborated with the State Taxation Administration's Shanghai Municipal Tax Service to actively explore a new model for cross-border remittance tax payment. By leveraging blockchain technology, this model enables "one-stop" online processing of cross-border electronic tax payments—including overseas remittances, tax payments, and treasury deposits—effectively addressing three major pain points faced by non-resident enterprises: "multiple visits," "high costs," and "difficult foreign exchange conversion."
As of the end of August 2024, this new model for cross-border remittance tax payments in Shanghai has cumulatively processed RMB 1.486 billion in tax payments. Pilot banks include Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of China in Shanghai, with currencies covering RMB, US dollar, euro, yen, etc., and tax types including corporate income tax and stamp duty.
