The Shanghai headquarters of the central bank: Exploring new models for cross-border remittance and tax payment services based on blockchain technology

ChainCatcher news, in order to further optimize the business environment and enhance the convenience of cross-border tax payment, since February 2024, the Shanghai headquarters of the People's Bank of China has been actively exploring new models for cross-border remittance and tax payment in collaboration with the Shanghai Municipal Taxation Bureau of the State Administration of Taxation. By utilizing blockchain technology, a "one-stop" online service for cross-border electronic tax payment, including overseas remittance, tax payment, and storage, has been achieved, effectively addressing the three major pain points of non-resident enterprises in cross-border remittance and tax payment: "multiple runs," "high costs," and "difficult foreign exchange settlement."

As of the end of August 2024, the new model for cross-border remittance and tax payment in Shanghai has cumulatively completed tax payments of 1.486 billion yuan. The pilot banks include ICBC, ABC, and Bank of China in the city, with currencies involving RMB, USD, EUR, JPY, etc., and tax types covering corporate income tax and stamp duty. (Jinshi)